If you or someone you know has tried obtaining a mortgage loan, then you probably know that banks have tightened up their approval process. This is not only true for buying a home in San Antonio, but nationwide.It’s important to have a good credit score. What’s a good credit score?I have some lenders saying 580+ and others saying a minimum of 620.What is clear is that the higher your credit score the lower your mortgage interest rate.
The NBC Today show talked to my favorite Real Estate Extraordinaire, Barbara Corcoran.She talks about the Link to video 7 Mistakes Homebuyers Make to Their Credit.A few of the mistakes include:
- Making big purchases prior to closing
- Closing open credit cards
- Spending too much time mortgage shopping
Watch this video to make sure you are not hindering your chances on securing that home loan.
