If you’re thinking about buying real estate in the Portsmouth NH and Maine Seacoast areas, here are some important things to know about credit scores and how that impacts your ability to obtain a home mortgage.
Your credit score is more important today than ever before, and
if you’ve got a good credit score, you want to do everything you can to
protect that good score. Your credit score is a good indicator of how
likely you are to pay off your debts on time. The more likely your
credit history shows this to be, the better the mortgage program will be that you qualify for. The higher your credit score, the better you look to mortgage companies and banks.
Credit scores range from 350 to 850, and the higher your score, the
lower the risk you pose. This is how credit scores are categorized:
Score – 760 and higher (this number has been increased to closer to 800)
Score – 720 – 760
– 680 – 720
– 620 – 680
Reason for Great
Concern – 620 and under