What Homebuyers Need To Know About Credit Scores
Understanding your credit score is crucial when buying a home. Lenders consider it for loan qualification and determining mortgage rates. A higher score leads to lower rates and better terms. While 765 is the median score for mortgage applicants, aiming for the “Good” range (670-739) or even the “Very Good” range (740-799) improves your chances. Work with a trusted lender for personalized insights, as each has its own lending strategy. Focus on payment history, debt utilization, and avoiding new credit applications to boost your score. Prioritizing your credit score can enhance affordability and secure a better mortgage rate.
Ways To Overcome Affordability Challenges in Today’s Housing Market [INFOGRAPHIC]
If you’re struggling to find a home within your budget due to limited inventory in your desired area, it may be worth considering expanding your search to nearby neighborhoods. By widening your search radius, you may discover more available homes that fit your needs and budget. Additionally, seeking the guidance of a trusted lender can provide access to alternative financing options and down payment assistance programs that may make a home purchase more feasible. It’s also important to have a team of experienced real estate professionals on your side who can provide expert advice and help you navigate the current market conditions.