MAGIC MINUTE - What Should My Credit Score Be To Buy A House?

Your credit score is that thing that drives all the commerce in the U.S.  It’s also the benchmark in which companies grade their consumers by.  The average is typically between 500-800.

So, what does that mean in terms of buying a house? It means that the higher your credit score number is the more bankable and appealing you are to a bank.  That is key.

If you have a very low credit score, you are seen as a risk to banks.  The higher the risk, the higher the interest rate. 

The rule of thumb for knowing what your credit score should be to buy a house is this:

Try to get your score to at least 700.  If you can cross that 700 mark, you'll get the best deal from the bank for a loan and the lowest interest rate.  Once you do that, you can jump into the market and give yourself the best shot to get the house you want.

Thanks for watching!


Peter LorimerComment