FICO Scores Explained
One way to get the best rates on new homes in Rowlett TX is to have a good FICO score. Your FICO score is the main type of credit rating used by mortgage lenders when they decide whether to give you a loan. It also helps them determine what your interest rate will be. The higher your FICO score, the more likely you are to qualify for a mortgage and get a good rate.
The highest possible score is 850. The lowest is 300. People with no credit history have a FICO score of zero. A low score, or no score, means you don’t have a proven history of paying bills on time, or you have a large amount of debt in relation to your income and available credit. If your credit cards are maxed out and your debt payments are a large percentage of your monthly income, you don’t have much room in your budget to make mortgage payments. This makes lenders less likely to loan you money.
A solid and long track record of repaying your loans and bills on time and not using all your available credit shows lenders that you’re careful with your money and responsible when paying your bills.
You can find out your FICO score by ordering it through the websites of the three major credit bureaus: TransUnion, Equifax and Experian. Check your credit report and FICO score before preparing to purchase a house, and take steps to remedy any issues.
Ready to buy a new home in 2024? Landon Homes has pre-planned inventory homes under construction now in the brand new Lake Park community in Rowlett TX. These homes are scheduled for completion in May and June 2024. The homes are built on our Magnolia and Lakeside home designs.
Magnolia is a two story design with a double-decker front porch offering great views from the second floor porch. With 2,086 square feet of living space, this home has 3 bedrooms, 2.5 baths, a game room and a study. The main bedroom is on the first floor.
The Lakeside design is 2,727 square feet with 4 or 5 bedrooms and 3 or 4 baths. The main bedroom and second bedroom are on the first floor. One Lakeside inventory home has 2 bedrooms, a game room and media room on the second floor, while the other has 3 bedrooms and a game room. Homes in Lake Park start in the $500s.
Call Team Lake Park today at 214-619-3157 to find out more about our pre-planned inventory new homes in Rowlett TX.
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