by Teresa Nelle RS-60797
on Sunday, November 5th, 2017 at 4:13pm.
Its very important to know your credit score and obtaining a recent copy of your credit report. You want to make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’
Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!
Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.
Feel free to contact me at Teres@IslandSothebysRealty.com for more tips and information.