03/01/2025
Your credit score matters! 💳 📈 It’s , so here are some tips for boosting your score and securing the best mortgage rates.
How does your score affect a home loan application? 💰🏠
Credit score can affect your ability to get a mortgage, interest rate, and the down payment you need. Lenders use your credit score to measure your financial responsibility and how likely you are to pay back the loan.
Lenders typically have a minimum credit score requirement.
They consider scores from all 3 major credit reporting companies: Equifax, Experian, TransUnion.
They'll look at your debt-to-income ratio
Higher scores may qualify for a lower interest rate, higher loan limit, and smaller down payment.
Lower scores may have a higher interest rate and a harder time getting a conventional mortgage (may require FHA loan)
