Having a good credit score is essential to passing many of the financial milestones of life. One being securing a low interest rate on a mortgage for a house. If you have little or no credit history or someone who’s been delinquent on their debt payments in the past, one tip to help build your credit is becoming an authorized user on a credit card. This is one way to improve your credit history without having to be on the hook for monthly payments. Here’s a helpful article that explains more about this.
Knowing how your numbers work when applying for a mortgage is key. When it comes to getting a lender’s approval to buy or refinance a home, there are 3 key numbers that affect your ability to qualify for a mortgage and how much it will cost you — your credit score, debt-to-income ratio, and loan-to-value ratio. This blog explains how all these numbers work together.
If you’d like to talk through these 3 factors and find out how they may impact your mortgage or how to help build your credit, we are here to help. Contact us anytime.