What if you could be approved for a home mortgage with a low interest rate?
What if you could start creating memories in your forever home?
What if you could buy your dream home?
For many, homeownership still represents the American dream. If you want to realize that dream, your lender will check your credit. Why? Because your credit score helps to determine if you qualify for a mortgage, the loan amount, and terms of that loan.
To be approved and get the best interest rates, you need to have a good credit score. For a conventional loan, many lenders require a credit score of 620 or above. If you have a credit score of 720 or above, you’ll get the best deals – like low interest rates – and can receive approval for a jumbo loan.
But, what if you’re like the millions of Americans who have a low or no credit score?
Vishal moved to the United States in 2014. While shopping around for a home mortgage, he cancelled a credit card. As a result of just that cancellation, his credit score went down by over 40 points. To help improve his credit score, Vishal subscribed to RentReporters, and in the first month, his score went up 40-plus points. With his new and improved credit score, he was approved for a good mortgage deal.
Raul’s credit score sunk to the low 600s because of a loan modification on a rental property. With a wife and four children, he was looking to buy their forever home. With a low credit score, he couldn’t receive approval for the best deal that he needed. Raul signed up for RentReporters, and within a week, his score improved by 20 points. In four months, his score rose by 75 points – from 610 to 695. Today, Raul and his family realized their dream – they bought their forever home.
With a plan and the right steps, you can make “what if you could” a reality – and solutions like RentReporters can help you get there by reporting your on time rent payments to TransUnion.