What You Need to Know About Credit Scores and Buying a Home

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    Today I’m here with Nate Gafken, who handles the lending for our clients, to discuss credit scores. 
     
    If you’re thinking of buying a house a year from now, there are a few things you need to do credit-wise in order to prepare for your home purchase. One mistake a lot of people make is automatically assuming that their credit score is ready to go. 
     
    A lot of people don’t realize that they have a collection, like a medical collection, on their credit history. The good news is that if you find out about any problems a year in advance, you have plenty of time to fix those issues. 
     
    Better credit scores get you better interest rates and save you money.
    The best credit score to have when buying a home is 760 or higher. That credit score will get you the best interest rates, best PMI rates, and ultimately save you money when buying a home. 
     
    If your credit score is in the low 600s or high 500s, that could potentially put you out of the running for a house. If you have a high balance on credit cards, pay down some of those and try to pay off any collections. If your credit is in really bad shape, Nate can put you in touch with some advisors who specialize in credit repair. 
     
    If you have any questions for Nate, you can reach him at 864-905-1282. If you have any real estate questions, please don’t hesitate to contact us. We would be happy to help you! 

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