When you’re ready to purchase or refi your home, a credit score is one of the most important factors lenders will look at during the application process.
At a glance, it can indicate your ability to repay your mortgage over time. It can also impact the interest rate you’re offered.
The scale ranges from 300 – 850 (850 being a perfect score), the higher your credit score, the easier it can be to secure financing and at a favorable rate. Long term this can equate to even more money saved! 💰
So what goes into determining this number?
While there are lots of variables that can affect your score, there are 5 major factors that influence it:
- On-time payment history
- Amounts owed
- Length of your credit history
- Types of credit
- New credit inquiries
Want to know more?
If you want to discuss credit scores further, reach out to our team to chat!
“Whether you’re a first-time homebuyer or experienced homeowner, our team is committed to making your home ownership journey stress-free and easy for you.”
A Home Mortgage Lender located locally in Charlotte known for it’s customer satisfaction and efficiency.
Serving Charlotte, Cornelius, Huntersville, Matthews, Pineville, Fort Mill, Tega Cay, Rock Hill and surrounding areas with all their Home Loans, Home Refinance, Home Purchase, and Mortgage needs.
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