What credit score do I need to qualify for a mortgage, and how can I boost my credit for improved rates?
Creditworthiness plays a pivotal role in mortgage approval and the interest rates borrowers get.
The credit rating varies depending on the lender and the kind of mortgage. For most loan types, though, the credit rating needed to purchase a house is at least 620. However, a greater credit score can increase the chances of approval.
To boost credit for favorable rates, consider the following:
Timely Payments: Pay bills on time, as payment history carries considerable weight in your credit rating.
Reduce Debt: Work on reducing credit card balances and overall debt, aiming to keep credit utilization below 30%.
Avoid New Debt: Minimize opening new credit accounts in the months leading up to your mortgage application.
Seek Professional Advice: Mortgage brokers can offer personalized guidance on credit requirements and strategies to enhance your credit profile.
Wave Lending Group in Puyallup is a seasoned mortgage broker that guides clients throughout the mortgage process, helping you to secure a more favorable mortgage deal. Contact us today!
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