Panama City Beach Properties for Sale

How Your FICO Score Affects Home Financing

Posted on by Southern

iStock_000020499093Medium-347x459Are you about to apply for a loan to buy your next home for sale in Destin? If so, you may want to know how your FICO (Fair Isaac Corporation Score) can affect your financing. 

Let’s start with the basics. You probably already know that the higher your FICO score is, the less risk you present to lenders. But the question remains – how does a FICO score affect my mortgage? 

On a more general basis, it will help determine whether or not you are approved, but more specifically it can affect offered interest rates. So, the better the score, the lower the interest rate. 

Credit scores are important when buying a home, but don’t be discouraged if yours is not a perfect 850. There are a few ways to improve it and it ranges from timely payments to challenging illegitimacies. 

If you have found a house, consider contacting our friends at Prime Lending to help you handle the finances. If you are still looking, know that our real estate agents are here and willing to help you find a home within your budget. 

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