Knowing Your Credit-Score and Getting
Pre-Qualified to Buy a Minnesota Home

When you begin your journey toward homeownership, one of the first items you want to understand is your credit score. When you find a lender and start applying for a mortgage, they will review your credit report. This report of your past credit behaviors will be a strong-indicator to what your future behavior would be like.

There is a score associated with your recent credit history. That score combined with a history will allow a lender to judge how much or how little you may borrow combined with your earnings statements.

Your credit score is in essence, the grade that shows how well you’ve managed your finances and history of borrowing money. You can always make changes as you go forward to improve your credit score. If your credit is already excellent, you will have a greater variety of mortgage options available to you: better interest rates, different loan terms, even whether you can get a loan or not.

At this point, you may be wondering "just how much do I qualify for?" The best way is of course to contact someone in that field. You may even have a friend or family member that could recommend someone they’ve built a rapport with in the past or may even, themselves work in the industry.

You can even go online & "pre-qualify" for a loan by just filling out a simple web-form but, keep in mind, these people WILL be soliciting your business after you fill out their forms.

Any of these methods can yield you the result of determining how much you qualify for and when. Once you know this information, you may begin looking at local Minnesota properties that will fit your lifestyle and your budget!