Your credit score is one of the most important factors lenders use when approving a mortgage loan, along with your income and assets. In this video, mortgage expert Dave Steinberg explains how credit scores affect your ability to buy a home, what credit score you need to qualify, and how to improve your chances of approval.
You’ll learn the difference between conventional mortgages and FHA loans, why a higher credit score can save you thousands in interest, and how credit utilization and timing your credit check can impact your score. Even if you have a low credit score, you may still qualify for a mortgage with the right strategy.
📌 In this video, we cover:
What credit score you need for a mortgage
FHA loan vs conventional loan credit requirements
How credit card balances affect your credit score
How lenders evaluate credit for home loans
Tips to improve your credit before buying a house
If you’re planning to buy a home, apply for a mortgage, or improve your credit score for a home loan, this video will help you understand what lenders look for and how to prepare.
Dave Steinberg NMLS: #67325 Mortgage Broker Summit Funding
Chapters:
00:00 Credit Score & Mortgage Approval Explained
00:12 The 3 Things Lenders Look At (Income, Assets, Credit)
00:35 What Is a “Good” Credit Score?
00:52 Can You Get a Mortgage with a Low Credit Score?
01:07 Conventional vs FHA Loan Credit Requirements
01:31 What Affects Your Credit Score?
01:55 Credit Card Utilization Explained
02:22 Soft Credit Pulls & Fixing Credit Issues
02:46 Why Credit Scores Change Monthly
03:06 Timing Your Credit Check Before Buying a Home
03:22 Final Advice from Your Mortgage Guy
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Connect with me:
Office: 718.575.1166
Email: dave@summitfunding.com
https://summitfunding.com
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Summit Funding | Registered Mortgage Broker (NMLS #52081) New York State Department of Financial Services
7030 137 Street, Kew Gardens Hills, NY 11367
Summit Funding | Licensed Correspondent Mortgage Lender (NMLS #301151) New Jersey Department of Banking and Insurance
Summit Funding Inc., Your Mortgage Professionals Licensed Mortgage Broker (NMLS #84943) | State of Connecticut Department of Banking
Summit Funding, Your Mortgage Professionals, Inc. Licensed Mortgage Broker (NMLS #84943) | Florida Office of Financial Regulation
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Refer with Confidence®
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