Your FICO score plays a key role in mortgage approvals. Don’t let a low score discourage you—let’s explore your financing options today!
Your FICO score is one of the most significant factors lenders use to assess your creditworthiness when applying for a mortgage. It’s derived from your credit history and helps lenders evaluate how likely you are to repay borrowed money. While a higher FICO score can lead to better loan terms and lower interest rates, a lower score doesn’t mean homeownership is out of reach.
Key factors affecting your FICO score include:
• Payment history: Timely payments boost your score.
• Credit utilization: Keeping your credit balances low helps maintain a healthy score.
• Length of credit history: Longer credit histories are viewed positively.
• Credit mix: A variety of credit accounts can improve your score.
• New credit inquiries: Too many recent inquiries can lower your score.
If you’re planning to buy a home, understanding your FICO score is essential. Whether your score is high or low, let’s chat about your mortgage options and make your dream of homeownership a reality.
Don’t let your FICO score hold you back from homeownership. Reach out today, and let’s create a plan tailored to your financial goals!
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