Do you think you're ready to buy a home? Understand the impact of your credit score first
Back in 2015, Nathan and Kaitlyn Clarke were newly engaged and eager to buy an inexpensive starter home in a small town in Georgia. They were sure their combined income was more than enough to qualify for a mortgage. But then, they got a rude surprise: they couldn’t get the low rate home loan they expected because of their credit scores—or lack thereof.
Here are the FICO calculator results, run in late May, for a 30-Year $350,000 Fixed Rate Mortgage In California.https://www.myfico.com/credit-education/calculators/loan-savings-calculator/ Maybe you don’t plan to stay in the house for 30 years? Consider your monthly costs. In the example above, they could range from $1,626 to $1,960 depending on your score. That’s quite a spread. Now that we’ve got your attention…The reason that your credit score is important is lenders rely on it to help determine how risky you are as a borrower. While credit scores are not perfect indicators of credit-worthiness, they are the standard that is used.
Many credit card companies now also provide you with a credit score as a perk of using their cards. Some of them provide a Vantage Score instead of a FICO score, but both are typically pretty similar and simply use a different algorithm to calculate your score.
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