What credit score do I need to qualify for a mortgage, and how can I improve my credit for better rates?
Creditworthiness plays a vital role in mortgage approval and the interest rates borrowers receive.
The credit score varies depending on the lender and the kind of mortgage. For most loan types, though, the credit score required to buy a house is at least 620. However, a greater credit score can increase the likelihood of approval.
To boost creditworthiness for better rates, consider the following:
Timely Payments: Pay bills on time, as timely payment carries significant weight in your FICO score.
Reduce Debt: Work on reducing credit card balances and total debt, aiming to keep debt-to-credit ratio below 30%.
Avoid New Debt: Minimize opening new credit accounts in the months closer 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 leads clients throughout the mortgage process, aiding you to secure a better mortgage deal. Call us today!
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