Understanding Your Credit Score

Great advice for those interested in purchasing a new home – article gives a good overview of why credit scores are important.

Carrie Goldstein Mortgage Blog

Understanding your credit score and how it impacts your home ownership prospects your credit score is an important part of your financial profile. It has a direct impact on your ability to take out loans. The score itself is a numerical reflection of your credit history. It gives lenders a way to discern your reliability before approving a loan like a mortgage for instance. Though this is the basic function of a credit score, it can also have a far-reaching influence over other aspects of home ownership. Mortgage Loan Approval: Will Your Score Make the Cut? First and foremost, the status of your credit score is a deciding factor in whether or not you are approved for a loan. Even if you put down a large down payment on your home, a low credit score can still cause the loan to be rejected. For this reason, it’s best to wait…

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