What credit rating do I need to qualify for a mortgage, and how can I improve 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 score required to purchase a house is at least 620. However, a higher credit rating can increase the probability of approval.
To enhance credit for better rates, consider the following:
Timely Payments: Pay bills on time, as timely payment carries considerable weight in your credit rating.
Reduce Debt: Work on reducing credit card balances and overall debt, aiming to keep debt-to-credit ratio below 30%.
Avoid New Debt: Avoid opening new credit accounts in the months closer to your mortgage application.
Seek Professional Advice: Mortgage brokers can offer customized guidance on credit requirements and strategies to improve your credit profile.
Wave Lending Group in Puyallup is a well-versed mortgage broker that assists clients throughout the mortgage process, aiding you to secure a more favorable mortgage deal. Call us today!
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