General Credit Overview When Purchasing a House in Kamloops
If you are trying to buy a new home, you have probably heard that your credit score or home buying credit affects this process. However, you may be wondering exactly how it affects your ability to buy a home. Generally, you will need a credit score of 660 to obtain a mortgage. The qualifying credit score used to be as low as 580 points. However, since the mortgage crisis of 2008, banks are becoming more conservative in their lending practices.
Did you know that your credit score affects your interest rate? The lower your credit score, the higher your interest rate will be. This means that if you have a bad credit score, you will end up paying more than somebody with a good credit score.
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