Your Credit Score and How it Affects Your Ability to Buy a Home
Unless you plan to pay in cash, you'll likely require a home mortgage to purchase a home at the Lake of the Ozarks . And that means that you're going to need to get approved for that loan. In order to determine whether a lender will loan the funds to you to purchase property, they're going to look into your financial ability to pay it back - meaning they're going to be checking out your credit score to see if you're reliable or a risk. For some people, this may cause stress if they don't understand why their credit score is such an important part of the mortgage approval process. So, this week, we're sharing with you why your credit score affects your ability to buy a home and what you can do to improve yours. What is a Credit Score? First of all, it's important to know what exactly a credit score is and what it entails. A credit score is a statistical number that evaluates a consumer's creditworthiness and is based on credit history. Lenders u