Once you’ve learned the terminology and figured out how much you can afford to spend on a new house, the next thing you will need to do is get a mortgage. Because you will be borrowing money, lenders will examine your credit score, a metric used by lenders to determine the likelihood of an individual paying back the money he or she has borrowed.
Clean Up Your Credit
Higher credit scores translate into the ability to borrow more money at lower interest rates. To make sure you get the best possible deal, you should check out your credit score by ordering a copy of your full credit report. (The free reports that you can get list your creditors but don’t list your numerical score, often referred to as a FICO score). Check your score well in advance of when you need the loan, so that you will have time to take any necessary steps to improve your credit prior to applying for a mortgage or fix any inaccuracies that may have occurred.
To learn more, read Consumer Credit Report: What’s On It and The Importance Of Your Credit Rating.
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