What credit score do I need to qualify for a mortgage, and how can I boost my credit for improved 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 type of mortgage. For most loan types, though, the credit score required to purchase a house is at least 620. However, a greater credit rating can increase the chances of approval.
To boost creditworthiness for improved rates, consider the following:
Timely Payments: Pay bills on time, as timely payment 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 closer to your mortgage application.
Seek Professional Advice: Mortgage brokers can offer personalized guidance on credit requirements and strategies to improve your credit profile.
Wave Lending Group in Puyallup is a well-versed mortgage broker that assists clients throughout the mortgage process, aiding you to secure a more favorable mortgage deal. Call us today!
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