How Good Does Your Credit Need to Be to Buy a Home?

Published On: December 8, 2021|Categories: Blog, Buyers, Home Buyers|Tags: How Good Does Your Credit Need to Be to Buy a Home, What does your Credit Need to Be to Buy a Home|

If you’re thinking about buying a home, you know that your credit score has a direct impact on your mortgage. But how good does it need to be?

How Good Does Your Credit Need to Be to Buy a Home?

Having a high credit score certainly helps you get approved for a mortgage loan. However, that doesn’t mean your score needs to be perfect. In fact, you can be pre-approved for a mortgage loan with a credit score in the 600s – though your interest rates will certainly reflect your score.

$569,000

1385 Rolling Ridge Road Jasper, Indiana

4 Beds 3 Baths 2,474 SqFt 1.3 Acres

Listing courtesy of SteveLukemeyer from F.C. TUCKER EMGE.

$529,700

3289 St. Charles Street Jasper, Indiana

4 Beds 4 Baths 3,906 SqFt 0.595 Acres

Listing courtesy of BrendaWelsh from SELL4FREE-WELSH REALTY CORPORATION.

$510,800

1089 N 400 W Road Jasper, Indiana

3 Beds 2 Baths 2,940 SqFt 14.82 Acres

Listing courtesy of BryceLain from SELL4FREE-WELSH REALTY CORPORATION.

$419,900

1479 Martha Drive Jasper, Indiana

3 Beds 4 Baths 3,087 SqFt 0.46 Acres

Listing courtesy of GarySchnell from SELL4FREE-WELSH REALTY CORPORATION.

$384,700

1778 S Raymond Street Jasper, Indiana

3 Beds 2 Baths 3,416 SqFt 0.97 Acres

Listing courtesy of BrendaWelsh from SELL4FREE-WELSH REALTY CORPORATION.

$364,700

1822 W 5th Street Jasper, Indiana

3 Beds 3 Baths 2,964 SqFt 0.96 Acres

Listing courtesy of BrendaWelsh from SELL4FREE-WELSH REALTY CORPORATION.

$300,000

307 Newton Street Jasper, Indiana

4 Beds 2 Baths 3,490 SqFt 0.37 Acres

Listing courtesy of AndrewWelsh from SELL4FREE-WELSH REALTY CORPORATION.

$299,900

5140 W Oak Ridge Drive Jasper, Indiana

3 Beds 3 Baths 1,835 SqFt 0.97 Acres

Listing courtesy of GarySchnell from SELL4FREE-WELSH REALTY CORPORATION.

$275,000

1051 Dorbett Street Jasper, Indiana

2 Beds 1 Baths 1,624 SqFt 0.91 Acres

Listing courtesy of ArletJackle from RE/MAX Local.

$271,500

4702 W 300 N Street Jasper, Indiana

3 Beds 3 Baths 2,363 SqFt 0.53 Acres

Listing courtesy of TamaStemle from RE/MAX Local.

Higher Interest for Lower Scores

Generally, the lower your credit score is, the higher your interest rate will be. It’s worth trying to work on your credit, even if you can only make a small improvement, before you apply for a mortgage. That’s because over time, your interest rate dictates exactly how much you’ll pay for a home.

What About Points?

If you’re able to save a little extra cash (in addition to your down payment), it may be worth it for you to purchase discount points. Points are one way to lower your interest rate, which can save you money in the long run.

Are You Thinking of Buying a Home in Dubois County?

Use our site to search homes for sale in Jasper, Dubois, Spencer, Martin and Davis counties, as well as all the surrounding communities. Unlike the “big name” sites out there, at Sell 4 Free Welsh Realty, our site is directly connected to our local MLS. We update it with new homes every hour.

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