When you apply for a mortgage, lenders will look at many different factors, including your credit score, debt-to-income ratio, loan-to-value ratio (loan amount versus the value/purchase price of the property), and savings history.
If you’re applying for a home loan, it’s a good idea to try to raise your credit score in preparation. Here are a few easy-to-follow tips for improving your credit score.
Questions About Mortgages?
If you want to learn more about mortgages, Mercer Savings Bank has a comprehensive guide to help you make your home-owning dream a reality. Read our Mortgage 101: A Beginner’s Guide to get started.