Credit scores of 740 and above get the best interest rates for conventional loans. How do you get a score above 740? The number one way, of course, is to pay your bills on time. However, another way to get higher scores is to pay down the balances on your credit cards. If the balance is above 70% of the credit limit, that's the worst. If the balance is between 50% and 70% of the credit limit, that's better. If it's between 30% and 50%, that's even better, and if it's below 30%, that's the best.
Not sure whether to pay down the balances or save your money for a down payment? Give us a call and we can lead you in the right direction.
Did you know that we don't have any underwriting overlays on the loans we sell? That means we have no additional underwriting guidelines like most lenders have. Pretty nice!
Have questions about anything related to a mortgage? Give us a call and see why they call us The Mortgage Experts.
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!! Call us if you want to use the best lenders in Colorado!
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