3 Things All Mortgage Applicants Need to Know

Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

Getting a home loan? Here's some important information.

Most people who want to buy a home need to finance it, and that's where mortgages come in. If you're planning to apply for a mortgage, here are a few essential things every mortgage applicant should know.

1. Your credit score makes a huge difference in getting approved 

Of the different factors mortgage lenders look at when approving home loan candidates, credit scores carry a lot of weight. That's because your credit score speaks to how reliable a borrower you are. If your score is high, it sends lenders the message that you pay your bills on time and can be trusted to borrow a large sum of money. If your score isn't in the best of shape, a lender might hesitate to loan you several hundred thousand dollars to purchase a home. 

You'll need a minimum credit score of 620 to qualify for a conventional mortgage. But some lenders may require a higher score than that. If you want to snag the best mortgage rates lenders have available, you'll generally need a score in the mid- to upper-700s or higher.

It's a good idea to find out your credit score before you apply for a mortgage. That way, if you're not thrilled with the number you see, you can take steps to boost it

To learn more about the 3 things mortgage applicants need to know and the home buying process, visit the SCOOP! Blog

Comments (3)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jackie, without a good credit score it is almost impossible to buy a home, unless you have cash.

Nov 28, 2021 12:37 PM
Jackie A. Graves

Hi Joan, thank you for your comment. For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low-down payment advantage, which is currently at around 3.5 percent. 

Stay posted for future blogs and make it a great day. 

Nov 28, 2021 02:09 PM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Jackie A. Graves very valuable report about list of things all mortgage applicants need to know.

Nov 28, 2021 05:28 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Jackie,  Thank you for sharing this valuable information for mortgage applicants.  Knowing what you need and how to get it is very important.

Nov 28, 2021 06:25 PM