Regardless of your experience (or lack thereof) buying homes, it’s important to review how credit impacts the process—most notably, getting a loan.
Different types of loans have different credit requirements. For example, many loans require a credit score minimum of 620, although loan approval with a credit score as low as 580 is possible. Getting the loan with the lowest interest rate usually requires that you have a higher credit score, which demonstrates your skill at debt-management and indicates you are less of a risk to the lender.
If you’re preparing to look for a home, check your credit score and credit history to better understand the factors that typically impact your scores. This will help you gauge your personal finances, develop a realistic wish list for your house, and get you on the path to home ownership.
A good loan originator can help you repair a less that ideal credit score. They want to help. If you are thinking about buying a home in the Seattle area and would like to be referred to a great lender let me know. I’d be happy to send you in touch!
David Warren
Managing Broker
Metropolist
425-760-8285
david@metropolistgroup.com