Homebuyers and Credit
A recent survey of people who plan on purchasing a new home within the next year said:
- 56 percent overall say they are working to improve their credit to qualify for a better home loan rate
- 66% ages 18-34, up from 53% in 2016
- 61% ages 35-54, up from 45% in 2016
- 61% of males, an increase of 18% from 2016
- 54% have delayed purchasing a home to improve their credit to get a better interest rate
- 50% are ages 18-34
“There’s no question that buying a home is a daunting endeavor, said Sandra Bernardo, manager of consumer education at Experian. “If purchasing a home is your dream, start planning now. Assess your financials so you know how much you need to save for the down payment and monthly expenses. Make sure to understand the home loan process and check your credit score and credit report to know where you stand prior to applying so there are no surprises. A good credit score is key to earning the best interest rate, which can save you thousands of dollars in the long run.”
“One of the most important steps you can take when you are planning to purchase a home is to check your credit score and credit report,” said Sandra Bernardo, manager of consumer education at Experian. “You should make sure you have a solid FICO® Score and that personal information on the report is accurate. Visit freecreditscore.com to obtain both (an Experian credit report only) for free. Your score can make the difference between getting approved for a loan and receiving the best interest rate or not securing your dream home.”