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Raise Those Credit Scores!

December 16, 2011

It’s a perfect market for a buyer right now. Interest rates are at their lowest in 50 years there is huge selection of homes to choose from; and prices are very affordable. But if you are thinking about buying a home, you need to prepare yourself before applying for a loan.

 

Even though interest rates are at an all-time low, lenders are only offering them to borrowers with credit scores of 720 and above; a recent report by the National Association of Realtors (NAR). Borrowers with scores below 720 will see their APR rise accordingly, and people with scores below 620 might have a hard time getting a loan.

 

So before you apply for a loan, first find out what your FICO score is by going to www.annualCreditReport.com (it is the only government authorized source for credit reporting) and request a free credit report. If you measure below your lender’s requirements, you will need to get to work and improve your score.

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