Become more attractive to sellers as a pre-qualified buyer.

To assess your likelihood of making monthly loan payments, lenders evaluate your income, payment history, and outstanding debt obligations. A key factor in mortgage approval is your credit score, a numerical representation of your reliability.

You can easily check your credit and credit score for free on various websites. Our top two recommendations are (http://www.freecreditreport.com) and (http://www.creditkarma.com). Keep in mind that there are four different scoring models: Consumer, Installment, Credit Card/Revolving, and Mortgage. These models provide different scores based on various criteria. Consumer credit scores, which are typically higher, are what you’ll find on Credit Karma, Free Credit Report, and most bank apps. However, mortgage scores, which can differ from consumer scores, are what lenders use for home loans.

For a more accurate understanding of your credit, (http://www.myfico.com) offers packages that list all four scoring models. We also offer an inexpensive mortgage soft pull that won’t affect your credit score, giving us an idea of where your credit and debt stand for pre-qualification (note: a soft pull cannot be used for obtaining pre-qualification).

If your credit score is below 640, it’s essential to thoroughly review your report for accuracy. To improve your score, ensure you pay your bills on time each month and work to minimize your debt. For additional support, contact our credit repair expert partners for tips on how to quickly boost your score.