03/01/2022
🚨Let’s be transparent,your credit score can impact whether you are approved for a home loan.👍🏽
The very first thing your credit score 💯 can impact 💣 is whether you are approved 👍🏾for a mortgage.
⭐ Your credit score can impact how large 💰💰 of a down payment you are required 🏦 to put down. If your credit score 💯 is not where the mortgage bank wants it to be ⛔😲, you may be asked to put down a larger down payment 💸💸 so that the bank knows you are serious 😬 about your home purchase🏡. This shows them 👀 that you are less likely to back out 🏃🏾♀️💨 of the mortgage since you’ll have more put into it.👍🏾 For example, instead of putting down 20%, you may be asked to put down 30%.💵
Lastly, your credit score 💯 can impact the interest rate 💹 you receive on your home loan.📑 Even if your credit score is high enough 👏🏾👏🏾 to get you approved, it does not 🚫 mean you will get the best interest rate.🤷🏾♀️ An interest rate difference of just 1% 😮 can mean a difference of around 💲100 or sometimes, even more 😵🤯, each month, so it is wise to get the best interest rate you can.👍🏾
❓What was your credit score the last time you bought a home?🤔 Did it impact your home buying process at all?💬👇🏾
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Charliesa Freeman , Realtor ® 🏡
⭕️ccupy Real Estate Group
📲 904-258-4446
📧[email protected]
