While most of the older generations will have their own homes through retirement, less than half of the largest group in the workforce – Millennials – think they’ll have that same luxury.
A traditional mortgage is usually a fixed-rate loan, so the interest rate never changes. Although this is the kind of loan people typically think of, it’s only ideal for people with a credit score above 620.
The last thing you want is your credit score to be misreported. Go to annualcreditreport.com – you can get a copy of your credit report for free every year.
Review all of the information provided. Is your social security number accurate? Are your addresses up to date? Which debts and transactions are causing you to lose points?
You can sign up for a credit monitoring service to help you keep track of it all. An app called SmartCredit offers a paid service and is one of the more helpful options.