Real estate values continue to drop around the country while interest rates remain at historic lows. If you've had your eye on that perfect home for the past few years, this may seem like the perfect time to finally take the plunge and become a homeowner.
But wait - will you be able to qualify for the best mortgage rates and terms based upon your current FICO score?
A solid credit score of 680 used to be enough to get the job done in recent years, but today's lenders are asking for more. In fact, you'll need a FICO score of at least 720 to get the best rates and terms on not only mortgages, but also the best credit card offers and auto loans.
If you're on the cusp of 720, putting in the extra effort to boost your credit scores will be well worth the time. Adding a few measly points that push you over the 720 mark could save thousands over the life of a 30-year mortgage.
