What credit rating do I need to qualify for a mortgage, and how can I enhance 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 kind of mortgage. For most loan types, though, the credit score required to purchase a house is at least 620. However, a higher credit score can increase the likelihood of approval.
To boost credit for improved rates, consider the following:
Timely Payments: Pay bills on time, as payment history carries considerable weight in your credit score.
Reduce Debt: Work on reducing credit card balances and overall 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 seasoned mortgage broker that guides clients throughout the mortgage process, supporting you to secure a more favorable mortgage deal. Contact us today!
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