What credit score do I need to qualify for a mortgage, and how can I improve my credit for improved rates?
Creditworthiness plays a vital role in mortgage approval and the interest rates borrowers receive.
The credit rating varies depending on the lender and the type of mortgage. For most loan types, though, the credit score needed to purchase a house is at least 620. However, a higher credit rating can increase the likelihood of approval.
To enhance creditworthiness for better 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 total 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 personalized guidance on credit requirements and strategies to improve your creditworthiness.
Wave Lending Group in Puyallup is an experienced mortgage broker that guides clients throughout the mortgage process, helping you to secure a better mortgage deal. Call us today!
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