After paying several thousands of dollars on the root canals on my upper teeth, my dentist told me that they had to be pulled. He told me that the dentist that did the work didn't do it properly and that all of the teeth were infected. After I collected myself, we started discussing the cost of the extraction procedure and the cost of the dentures. I knew I couldn't pay for all of that out of my pocket and he explained the dangers of allowing dental infections to fester. I quickly learned about financing dental procedures. If you are in a similar situation, go to my site to learn about your options of financing dental work.
Preparing to buy a home takes time, effort, and thought, and one of the things you should do before you apply for a home loan is make sure your credit score is good enough to qualify. Finding out your credit score is not hard to do, and it can help you determine if you should apply for a loan now, or if you should wait for a while. Here are tips to help you learn how to do this and why it matters.
How to get your credit score
The first thing to understand is that you are able to get a free credit report once a year. The good news about this is that it is easy to do, and you can do it online. The bad news is that your credit report is not likely to reveal your credit score. If you want your true credit score, you may need to pay a fee to get it.
There are some websites that offer free credit scores and analysis. These sites might not reflect your true credit score, though; however, the scores they reveal will be fairly accurate.
What your credit score should be
All three of the major credit bureaus use the same scale for tracking credit scores, and this scale ranges from 300 to 850, and 850 represents perfect credit. You do not need a perfect credit score to qualify for a mortgage loan. In fact, there are some loan programs that offer loans to people who have poor credit.
Generally speaking, to qualify for a decent loan, your credit score should be at least 650. If your score is above this, you should be able to get a good interest rate on your loan. If your score is below this number, you may be able to get a loan, but you will probably pay a higher interest rate.
Your credit score is tied closely to the level of risk a bank takes when offering you a loan. Because of this, you might be required to put a larger down payment on a house you are buying if your credit score is lower than 650.
If you want to get the best loan possible but have a low credit score, it might be worthwhile to take the time to rebuild your credit before applying for a loan. To learn more about home loans or to apply for a home equity loan, contact a mortgage lender such as New Horizons Credit Union.
Share5 October 2016
