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.

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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Thinking About Buying a Home in Dubois County, Indiana?

At Sell4Free Welsh Realty Group, we make your home search simple and accurate. Our real estate listings are updated every hour with the newest homes for sale in Jasper, Dubois, Spencer, Martin, and Daviess Counties—plus all the surrounding communities. On Sell-4Free you will find a more reliable place to search than all the “Big Name” sites out there because you get the freshest data and property status’s.

Sign up for New Listing alerts to stay ahead of other buyers, receive price-change notifications, and be the first to discover the best deals on homes in the area. Experience a smarter, faster, and more local way to buy with Sell4Free Welsh Realty Group.