3 ways to raise your credit when buying a home
Wells Fargo (WFC) executive director of mortgage sustainability Rulon Washington joins Wealth host Brad Smith to discuss the importance of credit in the homebuying process. "As consumers think about buying their first home, they must also think about the credit perspective," Washington states, emphasizing that improving your credit is "the best thing" individuals can do to prepare for homeownership. First, he recommends tracking your credit score and staying informed about factors that influence it using the many free tools available. Second, he stresses the importance of making on-time payments and avoiding major purchases before applying for a mortgage, as payment history is a primary factor that lenders evaluate. Finally, he advises keeping your oldest credit accounts open because the length of your credit history significantly impacts your overall credit score. Watch the full video above for further insights into costs to be aware of when purchasing a home. To watch more expert insights and analysis on the latest market action, check out more Wealth here. This post was written by Angel Smith