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Reali Roundup: Buying a house? 🏡

September 22, 2021

1 MINUTE READ

Love it or not, your credit score is a vital piece of the home-buying equation. Though it varies by lender and loan type, in most cases, you’ll need a score of 620 or better to get a conventional mortgage.

So, if you’re thinking about buying a home and need to improve your credit score, what can you do? Here are some rapid-fire tips to get started.

💡 Know your score. The first step to improving your credit is knowing your score. Check your credit score for free at Annual Credit Report.

💡 Pay down your balances. Approximately 30% of your credit score is determined by the amount used vs. what’s available to you. By paying down your balances, you’ll improve your credit utilization — and thus, your score.

💡 Don’t close accounts. This one might sound counterintuitive, but keeping your oldest accounts open can help your score — that’s because the length of your credit makes up roughly 15% of your score.

These are just a few of the ways to quickly improve your score if you’re thinking about buying a home. We’ve outlined some additional steps on our blog.

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Whether you’ve just started browsing homes for sale or you’ve already found the agent of your dreams, it’s never too early to start talking about your credit score and mortgage options.

If you’re thinking about buying a home, our team of Reali experts is standing by to answer your questions. Let’s start a conversation today!