The single most important number for a homebuyer is your credit FICO score. For the good or the bad of it your FICO plays a major role in your ability to finance your home purchase. Therefore, itâ€™s critical you understand what it is and what you can do to improve it. In a nutshell, your credit score is a snapshot taken by the three leading credit bureaus, TransUnion, Equifax and Experian, to help lenders determine what sort of credit risk you are. The lower the risk, the better the terms of your loan.
Your FICO is a number between 300 and 850 and is calculated by a complex algorithm assessing your past credit history. Most home lenders will consider a score over 700 to be excellent while scores below 600 are considered poor. The better the score the more credit will be extended, at better the terms, with a lower interest rate. The best credit terms are extended to consumers with scores above 740. Therefore, itâ€™s critical to understand what your FICO is and what you can do to improve your score. When I work with buyers I help them understand the inputs to their score so they can work to improve them. I canâ€™t think of a better investment in your future than to spend a little time working on your FICO score. Here are a few tips I give my clients:
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