“Strengthen your middle credit score before applying for a pre-approval”
If you’re planning to buy a home, one of the most critical steps is to get pre-approved for a mortgage. However, before you start applying, it’s important to check your middle credit score. The middle credit score is the score that’s used by lenders to determine your creditworthiness, and it’s crucial to have a good score to secure a good loan with a low-interest rate. In this post, we’ll discuss the importance of checking your middle credit score before applying for a pre-approval and how it can help you strengthen your chances of getting approved.
Check your middle credit score
Your middle credit score is calculated based on the credit report from all three major credit bureaus: Equifax, Experian, and TransUnion. This score is the middle number of the three scores and is used by lenders to assess your creditworthiness. To get your middle credit score, you can either request a free credit report from each of the three credit bureaus or use a credit monitoring service that provides all three scores.
Check your score before applying
It’s important to check your credit score before you apply for a pre-approval because the lender will pull your credit report, and this can have a negative impact on your score. Every time you apply for credit, the lender will do a hard inquiry, which can lower your score by a few points. Checking your credit score beforehand can help you identify any errors on your credit report that need to be fixed before applying.
Avoid Lender Points, High FEEs, and high rates
If your credit score is low, you may not qualify for a conforming loan, which means you may have to get a subprime loan with a higher interest rate and fees. To avoid this, it’s important to check your credit score before applying and take steps to improve it if necessary. When you have a good credit score, you’re more likely to qualify for a loan with a lower interest rate and fees, which can save you thousands of dollars over the life of the loan.
We will connect you with a good lender to help you save
If you’re not sure where to start, we can connect you with a good lender who can help you find the right loan for your needs. Our network of lenders offers a variety of loan products, including conventional, FHA, and VA loans, and they can help you find the right loan with the lowest interest rate and fees.
Positioning yourself to save is the best thing before you apply for a conforming loan
Strengthening your middle credit score is one of the best ways to position yourself to save money when you apply for a conforming loan. By checking your score before applying, you can identify any errors on your credit report that need to be fixed and take steps to improve your score if necessary. When you have a good credit score, you’re more likely to qualify for a loan with a low-interest rate and fees, which can save you thousands of dollars over the life of the loan.
In conclusion, checking your middle credit score before applying for a pre-approval is crucial for anyone looking to purchase a home. By doing so, you can avoid lender points, high fees, and high rates, and position yourself to save money over the life of the loan. If you’re not sure where to start, we can connect you with a good lender who can help you find the right loan with the lowest interest rate and fees. Contact us today to get started on your path to homeownership.
