What credit rating is required during purchasing a home?

Are you a first-time homebuyer? One of the crucial determinants in securing a mortgage is your credit score. The three-digit numbers sometimes make buying a home difficult for some people. For you to get a mortgage for your house, you need to have a good credit score. This can help you get favorable loan terms as well as reasonable interest rates. Understanding how credit scores affect your ability to get a mortgage can help you get close to achieving your dream.

Since mortgages differ from one lender to the other, there is a need to compare various lenders for you to get one that you are comfortable with. Each mortgage comes with different requirements, which include a minimum credit score that you must meet. Before you look at these conditions, you should first look at your credit report to find out your current rating.

Pages ( 1 of 3 ): 1 23Next »

Author: Donna Woods

  • 6+ years of experience in financial analysis
  • 5+ years of experience as a writer, published author, editor, and screenwriter