Buying a home is a significant milestone, but before starting the search, most buyers need to be financially prepared to qualify for a mortgage. Securing a home loan involves a detailed review of your financial health, and preparing in advance can make the process smoother. Here are some key steps to improve your chances of qualifying:
- Check Your Credit Score
Your credit score plays a crucial role. Most lenders use it to assess your creditworthiness and determine the interest rate you'll receive. Typically, a score of 620 or higher is required for most conventional loans, although some government-backed loans (like FHA) may accept lower scores.
Before applying for a mortgage, check your score with a free credit report from all three…
