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Spruce Up Your Credit to Buy or Refinance a Crofton Home

If you’re thinking of buying or refinancing a Crofton home in the next year or two, start sprucing up your credit NOW so you’ll be in the strongest possible borrowing position.

Your credit score from FICO, formerly known as Fair Isaac, is based on  several factors that will determine (1) your ability to obtain home financing and (2) the cost of your financing:

FICO credit score criteria 

According to the myFICO.com website, your credit score is a “snapshot” of your risk at a particular point in time. It changes as new information is added to your bank and credit bureau files. Scores change gradually as you change the way you handle credit and past credit problems impact your score less as time passes.

Yes, you can get a mortgage with a 620 credit score, but a FICO score of 820 could save you about $500 on the monthly payment for a $500,000 mortgage.  Click on this link and try out this interactive Loan Savings Calculator to see for yourself the benefit of a higher FICO score in your price range.

By the way, there are other factors your credit score won’t consider, but your lender probably will:  your income, employment history, or child support. 

Your advance attention to these details in your life will make buying or refinancing a home MUCH easier for you –  in Crofton or anywhere.

If you have any questions about steps you should be taking to spruce up your credit, touch base with me and I’ll refer you to a good lender. 

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