Buying a Home
Your credit report determines not only the likelihood of whether you will be approved for a home loan, but also the interest rate you will be charged.
Is My Credit Mortgage-Ready?
Interest on a mortgage can add up to hundreds of thousands of dollars over the life of the loan. Typically, the higher your credit score, the lower your interest rate.
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Tips to Consider Before Applying for a Home Loan
- Know your credit. The better your credit, the higher your chances of securing the best rate and terms.
- Don't change jobs. When qualifying for a loan, lenders look at your last two years of employment as well as your income. It's best to avoid switching jobs or gaps in employment.
- Continue to save. Experts suggest the number one reason potential home-buyers fail to qualify for a new home loan is because they lack assets and savings.