Impacts How Much House You'll Be Able to Purchase
Your credit score is now the most important factor in determining how much you can spend when purchasing a property, so having an understanding of the basics goes a long way in aiding your home buying experience!
When lenders look at your credit score, they can instantly see how much debt you have, how reliable you are with making payments & if you’ve had any bankruptcies within the last several years.
The credit score (also known as “FICO” score) takes all of this information & boils it down to a number between 300 and 900. The higher the number, the less of a credit risk you are seen to be which then dictates what type of loan you are eligible for.
Email us to learn more about how credit scores affect your home purchase & what we can do to help!