What credit score do I need to qualify for a mortgage, and how can I enhance my credit for better rates?
Creditworthiness plays a crucial role in mortgage approval and the interest rates borrowers get.
The credit score varies depending on the lender and the kind of mortgage. For most loan types, though, the credit rating required to purchase a house is at least 620. However, a greater credit rating can increase the probability of approval.
To improve credit for improved rates, consider the following:
Timely Payments: Pay bills on time, as payment history carries significant 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 leading up to your mortgage application.
Seek Professional Advice: Mortgage brokers can offer tailored guidance on credit requirements and strategies to enhance your credit profile.
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. Call us today!
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