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Avoid getting blindsided by a declined loan after finding your dream home by knowing your accurate credit rating. Though lenders consider income, debt and savings when assessing your application, your credit rating is the largest determining factor in approving your finances.
Knowing your credit rating will help estimate whether you can qualify for a mortgage and for how much. Though minimum ratings aren’t set in stone due to variables in the economy, generally mortgages require a score of 640 or above. Credit ratings can’t be fixed or built overnight, but simple steps can get you moving in the right direction.
Read more about credit ratings here.
– Paula DeCrescentis, REMAX of Cherry Creek