How Does Your Credit Score Impact Your Mortgage?

    A mortgage consultant can be a huge help when buying a home. They’ll help you figure out a number of things, including your credit score and down payment options.

    Buying a Greater Seattle home? Start Your Home Search
    Selling a Greater Seattle home? Instant Home Valuation

    Today’s topic comes from two of our great subscribers, Stephanie and Angela. They asked two different questions, but they kind of go hand in hand. The topic is credit scores and down payments. First, let’s talk about credit.

    When you’re trying to figure out what exactly your score is, don’t just go to one of those free websites and think you’re done. You need to talk to a mortgage consultant and have them run your credit. Once you have the number, you can make decisions based on that.

    Once you get your credit report, you should also talk to a mortgage consultant before paying things off. Ask them first about what will have the most impact on your score.

    One thing you should definitely take note of when it comes to your credit is the balance you’re carrying on your cards. Usually, anything below 50% of the card’s balance is okay. The lower, the better, however. A mortgage consultant will be able to help you figure out what will impact you most going forward.

    Having a good mortgage consultant is key.

     

    To get a loan, every single lender is different and will have different rules and guidelines as far as credit scores are concerned. There are down payment assistance programs for first-time buyers, as well as zero-down loans.

    Take a look at the Washington State Finance Housing Commission. They have some programs, especially for first-time buyers. Of course, whether you qualify or not depends on a lot of different criteria, including your credit score and debt-to-income ratio.

    All in all, a mortgage consultant is the person who is going to be able to help you figure out a lot of these things. There are a lot of steps to buying and selling, but the only step you need to remember is giving me a call. I will guide you the rest of the way.

    If you have any questions about this topic or anything else related to real estate, give me a call or send me an email. I look forward to hearing from you.

    Trackback from your site.

    Leave a Reply