What prestige Score Do I Need to Buy a House?

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With so much talk about the credit crunch and so called sub prime if you are wanting to buy a house your credit score has never been so important.

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As a direct effect of the credit squeeze, mortgage lenders have had to tighten their lending criteria significantly meaning that they now are paying much more concentration to a the credit scores of borrowers before issuing home loans.

What credit score do I need to buy a house?

It is hard to say exactly. Much will depend on the specific lender in quiz, as well as the estimate of finance you need and the size of you down cost or deposit. What is obvious is that the good the credit score the easier you will find it to get finance. In increasing a good credit score will also mean you will be able to get economy finance on your home loan, meaning you monthly repayments will be minimized.

The midpoint credit score in America is about 690. If you have a score higher than this then you should have no problems landing a competing mortgage deal. If you have a credit score of lower than this then you will most likely still be able to find finance but it will be more expensive with a higher interest rate. If this is the case it is crucial you try to enhance your credit score.

Ways to raise you credit score

# 1 The first and most obvious step is to try to ensure you pay all of your bills on time This should help prevent your score deteriorating anymore and over time will help it rise. Ensure you do not miss any monthly payments.

# 2 If you have any surplus earnings think overpaying some of your debts. Start with the most expensive (the ones with the highest rates of interest). Over paying debts will enhance the ratio in the middle of the estimate of debt you have and your credit limits. Improving this ratio will greatly enhance your credit score.

# Try to avoid any unnecessary debts. Buying a home is a big financial commitment. Be sure to wait until you have moved in and found the mortgage repayments are affordable before taking on any other additional debts.

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