A great credit score can make a big difference in your mortgage rates, helping you pay off your home loan faster. While owning a home can improve your credit score, having a credit score of at least 550 before you buy a home is also important. Above 620 is ideal for finding exceptional rates. Here are some tips for improving your score:

  • Look for errors. If your credit report is missing details or has the wrong information, it could drop your score by 40 points. Fixing errors is one of the easiest ways to give your score a boost.
  • Pay bills on time. Use your bank’s bill pay service and set reminders to avoid forgetting to pay on time.
  • Do not open or close accounts before applying for a home loan. Recent opening and closing activity will impact your score negatively, and may make your credit worthiness look lower than it really is.

Start early on your credit cleanup so you will know what to expect from a pre-approval or approval process. For more information about applying for your first home loan, contact Choice Lending Services LLC today. We offer great deals and low rates for people from all walks of life. Our loans are not one size fits all packages, so even if your credit score is not as high as you would like, we can help you get into your new home.