Why a Good Credit Score is Important Buying a home is a significant financial decision that requires careful planning and preparation. Your credit score is one of the most critical determinants of your ability to purchase a property. Here are some ways your credit score can impact the home-buying process. Mortgage Eligibility The credit score is one of the first things mortgage lenders check. The easier it is to qualify for a mortgage with a better credit score, the more difficult it is with a lower score. A 620 credit score or above is typically required to obtain a mortgage, while this number might range from 620-680 depending on the lender and the specifics of the loan being sought. Interest Rates Your credit history may be considered when determining the interest rate provided to you on a mortgage. A reduction in the interest rate charged on a loan can save…
