What credit rating do I need to qualify for a mortgage, and how can I improve my credit for improved rates?
Creditworthiness plays a crucial 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 rating required to buy a house is at least 620. However, a higher credit rating can increase the likelihood of approval.
To boost creditworthiness for favorable rates, consider the following:
Timely Payments: Pay bills on time, as timely payment carries considerable weight in your credit score.
Reduce Debt: Work on reducing credit card balances and overall debt, aiming to keep credit utilization 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 boost your credit profile.
Wave Lending Group in Puyallup is a well-versed mortgage broker that guides clients throughout the mortgage process, helping you to secure a more favorable mortgage deal. Call us today!
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