If you've been contemplating a home purchase, you know that buying a home in today's economic environment is a lot more expensive than it was just a few years ago. For starters, at about 7%, today's mortgage rates are significantly higher than they were throughout 2020 and 2021. This has had a deep impact on borrowers, as higher rates mean steeper monthly payments and more in total interest over the life of the loan.
Those with scores in the mid-700s and higher will qualify for the best rates, while scores in the 600s can add 1% or more to your mortgage rate compared to a borrower with top-tier credit. While you won't be able to correct any major blemishes on your credit quickly, you should be sure to pay all bills on time, keep credit card balances low and avoid opening any new credit accounts or loans that could ding your score.
Source: Loan Digest (loandigest.net)
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