GENERAL REQUIREMENTS FOR MORTGAGE PREAPPROVAL

Your credit can influence the home-buying process in a variety of ways, including loan eligibility and amount, mortgage types, down payment amount and private mortgage insurance costs. Each of these factors will affect your overall budget and, in turn, impact where, when and what you buy.

If you’re thinking of buying a house at any point in the future, the first thing you should do is look at your credit report.

A credit score is based on the information in your credit report and aims to summarize your credit profile with a single value on a scale of 300 to 850. Lenders will often use this score to assess your viability as a potential customer. To qualify for a mortgage, you will probably need a minimum credit score in the 600s or above. If you don’t meet that benchmark, don’t panic — it just means you have some work to do before getting into the market. Let's Talk🤝🏽. Dm me Today🎯!