Friday, July 7, 2023 / by Alicia Vidal
1. Understanding Credit Scores:
A credit score is a numerical representation of your creditworthiness based on your credit history. The most commonly used credit scoring model is the FICO score, ranging from 300 to 850. Higher scores indicate better creditworthiness and a lower risk for lenders. It’s important to know your credit score before embarking on the home buying journey.
2. Impact on Mortgage Approval:
Credit scores significantly impact your ability to secure a mortgage. Lenders use your credit score to assess your risk level as a borrower. Your credit m ...