Check Your Credit Score

Before you begin the process of buying a house, you want to make sure that you’re actually in a position to take on this significant milestone. That’s why the first step is to check your credit score and review your finances.

Obtaining a loan is not always an easy feat. All mortgage lenders will look at your credit score and financial history before agreeing to provide you with a loan. You should be one step ahead of them.

To obtain a conventional loan, you’ll need a credit score of 620 or higher. However, if you qualify for an FHA loan, the minimum credit score requirement is 580.

Does your credit score meet the requirements? If you’re unsure, you can find out by contacting Lendia.

Your credit and financial history will dictate whether you’re able to obtain a mortgage and at what interest rate. Buyers with higher credit scores tend to secure better interest rates, so you must get a sense of where you stand before you get deeper into the process.