What reputation Score Do I Need to Buy a House?

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With so much talk about the prestige crunch and so called sub prime if you are wanting to buy a house your prestige score has never been so important.

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As a direct effect of the prestige squeeze, mortgage lenders have had to tighten their lending criteria significantly meaning that they now are paying much more attention to a the prestige scores of borrowers before issuing home loans.

What prestige score do I need to buy a house?

It is hard to say exactly. Much will depend on the definite lender in demand as well as the estimate of finance you need and the size of you down cost or deposit. What is safe bet is that the best the prestige score the easier you will find it to get finance. In increasing a best prestige score will also mean you will be able to get economy finance on your home loan, meaning you monthly repayments will be minimized.

The median prestige score in America is about 690. If you have a score higher than this then you should have no problems landing a competitive mortgage deal. If you have a prestige score of lower than this then you will most likely still be able to find finance but it will be more expensive with a higher interest rate. If this is the case it is crucial you try to heighten your prestige score.

Ways to raise you prestige score

# 1 The first and most safe bet step is to try to ensure you pay all of your bills on time This should help forestall your score deteriorating anymore and over time will help it rise. Ensure you do not miss any monthly payments.

# 2 If you have any surplus revenue consider overpaying some of your debts. Start with the most expensive (the ones with the top rates of interest). Over paying debts will heighten the ratio in the middle of the estimate of debt you have and your prestige limits. Enhancing this ratio will greatly heighten your prestige score.

# Try to avoid any unnecessary debts. Buying a home is a big financial commitment. Be sure to wait until you have moved in and found the mortgage repayments are affordable before taking on any other added debts.

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