What credit score do you need to buy a house?
A good credit score is calculated from the FICO score system. The FICO Score ranges from 300 to 850, with a good score being above 700. Good credit scores can help you in owning your first home and get approved for loans. It also impacts your insurance rates and rates for getting a mortgage. A good credit score is important because it will impact your chances of getting approved for a loan or receiving favorable interest rates on those loans you do receive approval for. In other words, if you don't have a decent credit score, then there's not much hope that you'll be able to secure financing easily or at all. How your credit score affects your mortgage rate? If you have a good credit score, you might be eligible for lower mortgage rates. The reason behind this is that banks can determine your financial capabilities and stability better than they could in the past. Credit scores were created to help lenders decide whether to accept you as a borrower. For lenders to make an