Understanding Your FICO Score and Preparing to Secure a Home Loan
Your credit scores, credit history, and your income, it may come as no surprise, have a great deal to do with how much of a home loan you can qualify for and at what terms. A great credit score can make all the difference when it comes to how much you pay for a loan over the course of its term. This may not seem like a big deal at first, but on a thirty-year mortgage, the difference can be staggering.
Your debt-to-income ratio, any late payments, repossessed items, bankruptcies, and several other factors all go into determining your credit score. But credit reporting bureaus are far from infallible, and with all the data breaches and identity theft happening these days, not all items that count against you on your credit report may be your fault. So, before you set up an appointment to apply for a mortgage, here’s what you need to know and do about your credit.
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