How hard is it to buy a house?

How hard is it to buy a house?

While lenders look at your income, debt and savings when making mortgage decisions, your credit score is the biggest factor in determining whether you get approved or rejected for financing. That’s why it’s so important to check your credit report regularly so you can gauge the overall state of your financial health.

If you want to buy a house soon or are looking into house refinance for an existing mortgage, checking your credit score should be at the top of your to-do list. Here’s a look at just how important your credit score is for mortgage lending decisions.

Find out how your credit score compares to Credit Sesame members who have a mortgage loan. (Data is based on nearly 140,000 Credit Sesame members who have a mortgage; 67,000 Credit Sesame members who have an FHA mortgage.)

• Credit Sesame members who have a conventional real estate mortgage: Average score is 682
• Credit Sesame members who have an FHA mortgage loan: Average score is 649
• Credit Sesame members who do nothave a mortgage (or FHA loan): Average score is 613