What credit score do I need to qualify for a mortgage, and how can I boost my credit for better rates?
Creditworthiness plays a pivotal 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 purchase a house is at least 620. However, a greater credit score can increase the chances of approval.
To improve credit for favorable rates, consider the following:
Timely Payments: Pay bills on time, as payment history carries significant weight in your FICO score.
Reduce Debt: Work on reducing credit card balances and total debt, aiming to keep credit utilization 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 tailored guidance on credit requirements and strategies to improve your creditworthiness.
Wave Lending Group in Puyallup is a well-versed mortgage broker that leads clients throughout the mortgage process, aiding you to secure a better mortgage deal. Contact us today!
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