August 1, 20263 min read
Homebuyers often hear a rule of thumb, but prime mortgage underwriting is more detailed than that. There is no single credit-score number that guarantees a prime mortgage approval. Credit is one part of a larger application, and different lenders and insurers can apply different standards.
Where borrowers get tripped up
Here is what matters most:
- A stronger score generally creates more lender choice, but lenders also review the depth and age of your credit history.
- Recent late payments, high revolving balances and collections can matter even when the numerical score appears acceptable.
- Keeping credit-card utilization low and paying every account on time can improve the strength of a future application.
- Avoid opening several new credit accounts immediately before a home purchase unless there is a clear reason.
Instead of chasing one score threshold, have a broker review the entire credit profile and explain which prime lenders fit it.
Want this applied to your own numbers?
Call Phil Cragg at 866-349-4915 or request a written comparison.
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