What credit score do I need to qualify for a mortgage, and how can I boost my credit for improved rates?
Creditworthiness plays a vital role in mortgage approval and the interest rates borrowers get.
The credit score varies depending on the lender and the type of mortgage. For most loan types, though, the credit rating required to purchase a house is at least 620. However, a higher credit rating can increase the likelihood of approval.
To improve creditworthiness for improved rates, consider the following:
Timely Payments: Pay bills on time, as payment history carries significant weight in your credit 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 leading up to your mortgage application.
Seek Professional Advice: Mortgage brokers can offer tailored guidance on credit requirements and strategies to boost your creditworthiness.
Wave Lending Group in Puyallup is an experienced mortgage broker that guides clients throughout the mortgage process, supporting you to secure a better mortgage deal. Call us today!
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