Average Credit Score is Now 700!

This week it was all over the financial news. The average credit score of a USA resident has reached 700. That's the highest the average has been in over 20 years. Advanced Systems Homes knows that means that more people will be able to qualify and obtain a mortgage. According to FICO, 90 of the top 100 largest U.S. financial institutions use FICO Scores to make consumer credit decisions.

As explained on Experian.com a 700 credit score on the FICO score scale of 300-850 is considered good. People with this credit score are likely to be approved for credit cards and loans with average interest rates and terms.

That's good news for all potential home buyers. Have you checked your credit score lately? You may be pleasantly surprised. Getting pre-approved for a home loan may get you a lot closer to your dream of owning your own home.

There's a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all your financial information and they've let you know how much you can afford and how much they will lend you.

Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can't afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Do your research: Learn about junk fees, processing fees or points and make sure there aren't any hidden costs in the loan.

Advanced Systems Homes works with favored lenders who appreciate the appraised value of an ASH built home. So check your credit score and come in and talk to us about what you can afford, or what you need to do to afford that dream home. Contact our financial team. Your dream, our passion.