How Important Is My Credit Score?
While you can still buy a home with a lower credit score, especially if you are trying for a USDA loan, your credit score can still vastly improve your ability to get the loan you desire. Your credit score can affect your mortgage rate, it can affect your monthly payments, and in some cases can even affect if you can get a home at all. That's how important your credit score is. Here are a few things to keep in mind as you think about your credit score. What Is A Credit Score? This number that ranges from 300-850 paints a financial picture to show the likelihood of your ability to pay your loan back. The higher the score, the more chances you have of getting a better deal on your mortgage. The credit score is generally referred to as a FICO score, which stands for Fair, Isaac, and Company. While it's a mystery to everyone to know what exactly affects your credit score, and how to actually boost it, here are a few things that your score takes into account: Payment History...