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.

See what a lender sees when you apply to buy a home.

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Under 620

  • May be difficult to get approved
  • Expect a tough approval process that may require more paperwork
  • May be required to pay private mortgage insurance (PMI)
  • May be required to pay higher interest rates


  • May have a good chance to get approved
  • May be able to secure better rates
  • Should have access to more loan programs
  • May be required to pay private mortgage insurance (PMI)

740 and up

  • Considered the ideal applicant
  • Should receive the best rates and savings
  • Should have an easy approval process
  • Should have access to the best programs as well as terms and conditions

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.