Does your credit score matter when buying or refinancing a home?

Does your credit score matter when buying or refinancing a home? The answer is YES! Your credit score is the number one factor to determine if you qualify for any real estate lending financing. Everything else doesnt matter until the lender knows your credit score. The higher your credit score the better rate you can obtain. Normally it will take at least a 600 credit score to qualify. Majority of the lenders have set higher minumum credit qualifying standards of a 640 credit score. There are 3 main credit bureau reporting agencies that are recognized by the mortgage industry. Your highest and lowest credit scores are disregarded the credit score that is in the middle (mid score) will be used in the qualification process. If you have more than one applicant applying regardless of which applicant makes more money the lowest mid credit score of the 2 applicants will be used. Your credit score will determine in many cases which program government or conventional is your best fit and what lenders are available to service that loan. The more programs you qualify for and the more lenders available the better rate and terms you will receive. Once the lender knows your credit score you will then need to meet other qualifying standards such as your family income, amount of assets and the amount of down payment monies , past credit history etc. It is important you know what your credit score is and it is also important you find a knowledgable licensed mortgage professional to guide you through the lending process. Your credit score is everything. If you are off only a few points in your credit score from qualifying for a loan or qualifying for a better rate you have options to increase your credit score for better terms and in many cases can be accomplished within a week or two. Find a knowledgable licensed mortgage professional to provide you real estate lending solutions.