Seven ways to build up your credit score to be eligible for the best interest rates
I had a seller in Ellis County question me recently on a buyer being able to get a conventional loan with only 5% down. The home owner lived in Ovilla and his neighbors told him a minimum down payment of 10% was required. So this seller thought all conventional loans required 10% down from listening to his neighbors and the news. He was concerned about being able to sell his home because of higher down payment requirements.
Credit score requirements for loans are higher than they have been in the past, so a good credit score is more crucial than ever. In today’s economy most lenders are looking for credit scores of 720 or higher to secure a low mortgage rate. A good loan officer can help you raise your credit score by reviewing your credit history and making recommendations to improve the score. Once you have done what the loan officer recommends they will rescore your credit.
Here are seven ways to build up your credit score so you can enjoy the best interest rates available.
If you are looking to move to Ennis, Waxahachie, Midlothian, Red Oak or the surrounding rural towns we have qualified loan officers that can help you improve your credit score within a short time frame. Having a higher credit score doesn’t take years. Give me a call and let’s talk.