How To Improve Your Home Loan Application Credit Score?
How to improve your home loan application credit score?
The housing market in Sandpiper Lakeland FL is a competitive buyer’s market. You will have an advantage when submitting an offer if you already have your loan completed and approved.
One thing that plays a major role in the approval of your home loan application is your credit score. Cleaning up your credit report and increasing your credit score will increase your chance of getting preapproved.
Here are the top 3 ways to prepare your credit score before getting a home loan.
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Check your credit reports. Order a copy of your credit report. Your minimum score should be 720 to be viable for a home loan. If the score is lower than this, read the analysis and see what's bringing it down and address the problem.
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Pay off outstanding balances. If you have late payments, bury it with timely payments. You have to convince the lender that you pay promptly. If you have recent late payments, wait at least 6 months before applying for a home loan. The older the delinquency, the better.
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Reduce your debt to income ratio. If you have a high percentage of debt, you are at a great disadvantage. Make sure that your debt is at most only 12% of your income. Don't make any major purchases six months prior to applying for a home loan.
It is best that you start preparing at least six months before buying a Sandpiper Lakeland Fl home for sale. This way, you will be able to repair our credit history if necessary. Contact an experienced Sandpiper Lakeland Fl listing agent to help you prepare for buying a home.
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