Posts from April 26th, 2021
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Buyers: Yes, Your FICO Score Matters
Your credit score is more than a number; it is a reflection of your financial health and your ability to service your financial obligations. When you purchase a home, it is a number that is as important as your down payment, income, and assets. Our real estate agents don't want your deal to fall through because of a low FICO Score. Understanding the following can help you prepare your credit for one of the most important investments of your life.
How Lenders Use Credit Scores
Lenders view your FICO Score as a measure of your creditworthiness. The higher your score, the lower the fees and interest rates you will pay. That's because the higher the score, the lower the risk you pose to the lender. Conversely, if you have a lower score, you pose a greater risk and will pay higher fees and interest.