Understand and Improve Your Credit
Your credit reports and credit scores are a major part of your mortgage application. A mortgage lender will usually check all three of your credit scores – based upon data from Equifax, Experian, and TransUnion – and use the average to calculate your rates.
A credit score between 650-750 will help you get a pretty solid mortgage rate. A score above 750 will get you the best mortgage rates available in Philadelphia.
Lenders in Philadelphia will also look at your debt to income ratio. The more money you earn each year, compared to the minimum amount of debt you have to pay each month. If you debt to income ratio is too high, lenders will be less likely to offer you the best mortgage rates.