First-Time Home Buyer Q&A: How Important Is Credit When You’re Buying a Home?

First-Time Home Buyer Q&A - Quicken Loans Zing Blog

One of the first items addressed during the home buying process is your credit. Your credit score is an essential number that can impact whether you’ll be able to qualify for a mortgage. If your credit score falls below, 620, you’ll want to utilize some tools and programs to raise your score. As your credit score rises, different programs will allow improved and lowered interest rates for you.

Katie Bushor, director of client relations at Quizzle, says that it’s a good idea it’s a good idea to know your credit score before you begin house hunting. Your credit report contains all of the necessary information that makes up your credit score. There are a few places you can go to get a free credit report:

  • Quizzle.com – Quizzle is the only place on the Internet where you can get a credit score and a credit report every six months.
  • AnnualCreditReport.com – This website allows you to obtain a free credit report from each of the credit bureaus, Equifax, Experian and TransUnion. AnnualCreditReport.com only allows you to pull your reports once a year, however, and unlike Quizzle, it won’t give you your credit score.

It’s important to know your credit score because it not only can affect your mortgage rates but also other important aspects of your life including credit card approvals and sometimes even job applications.

For more tips and tricks on buying your first home, check out all the rest of the Quicken Loans First-Time Home Buyer Q&A videos on our YouTube page!

 

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