Your credit score has a 5x more significant impact on your mortgage interest rate than the down payment and other factors. Before you apply, here are 3 tips to quickly boost your credit.
Mortgage lenders use the middle score across the three bureaus. So, if your scores are 680, 710, 716 your rate will be based on a score of 710.
Delete errors on your credit report: Get a free annual report at annualcreditreport.com from each of the three major credit bureaus (Equifax, Experian, and TransUnion) Dispute items and pay off small collections, if any.
Decrease credit utilization - pay down your debt and maintain 0 statement balances if you can: High debt levels can reduce your loan amount
Don't open new lines or close old lines: It's a huge red flag for underwriting teams and affects your loan calculation.