Buying A New Home - What Does My Credit Score Need To Be To Get A Mortgage?

Are you thinking about getting into the housing market?   Whether you are just beginning to think about buying a new home, or ready to run to the bank to be pre-approved, you'll need a good credit score in order to get a mortgage. 

Credit scores range from 300-900.  The higher the number the better and the more likely you'll be approved for a mortgage.   If you're wondering how they determine your credit score, I previously wrote a blog about the 5 main factors in how your credit score is calculated.

For most lenders, your credit score needs to be 650 in order to be approved for a mortgage.  A score of 750 or better is considered an excellent score.  A credit score of under 650 doesn't mean that you won't qualify for a mortgage.  It may mean however, that not all lenders will be willing to give a mortgage and an alternate lender may charge a higher interest rate, which means higher payments for the same mortgage amount.

If your credit score isn't quite high enough to secure a mortgage, here are 7 great tips to help increase your credit score.

Click here to view the full article by Borrowell. 

Feel free to email any questions or comments.   stacey.chudley@century21.ca

 

Stacey Chudley

204-724-2573

www.staceychudley.com

 

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