Did you know that your credit score is increasingly important? In fact, many lenders are now pricing their mortgage interest rates based on an applicant’s beacon score. This means the higher your score, the better your rate will be. It also means the contrary – lower score equals higher rates.
It also goes deeper than your score and into your credit profile. Have you been carrying a balance or large balances on your credit cards or lines of credit? Have you recently or deep in the past missed any payments for your car loan or student loans?
Sometimes not enough credit can cause you some challenges as well. In order to consider your credit profile as “mature”, lenders require a minimum of $2,000 credit, managed (which means used and paid off) over a 24-month period.
If you’d like to know what your beacon score and rate range is, send me an email, text or pick up the phone and call me and I’ll take a look and let you know what areas you can improve on, how you can build from what you have already and how to really shape up before you buy or refinance your home.
As always, I’m here to help!
Rebecca Casey
Xeva Mortgage Professional
#106 – 2626 Croyden Drive
South Surrey BC
604.833.8938
