Summary: Your credit score plays a key role in your ability to secure a mortgage. So, where are Washington credit scores at these days? And how do they compare to the national average?
Washington residents have many reasons to be proud of their state from its natural splendor to its unique northwestern culture and it looks as if citizens have gotten more serious about purchasing a home here.
Home Mortgage – Washington Credit Scores 10th in the Nation
According to Experian’s recent State of Credit report, Washington state ranks 10th in the nation for average credit scores among home loan applicants at 699, which is considered a good credit score. Minnesota came in first with average scores of 715 while Mississippi came in last at just 652. The national credit score average of all loans tracked was 680.
Average Credit Scores Much Better Than 10 Years Ago
In the beginning of 2010, the average credit score in America was lower than what it is today. Today, that number is roughly 680, as already mentioned. People today understand more than ever what it takes to pursue their dreams of home ownership and first on that list is a good credit score.
Find out what you can do if you need to improve your credit rating!
Lenders are still recoiling from America’s housing crisis in late 2008 with tighter lending standards in the home loan industry, though things are much better these days. Banks today only pick from among the best loan applications when deciding which home loans to fund and which home loans to decline. The easiest way to rise to the top of the funding list is with a sterling credit rating.
Home Affordability in Washington Continues to Improve
Thanks to improved jobs reports throughout 2019, home mortgage rates still offer terrific opportunities to secure home mortgages in Washington at low rates. In fact, rates are still hovering near historic lows, making mortgages much more affordable these days than just a few short years ago.
As individuals get more serious about their personal portfolios from credit scores to debt levels, lending institutions have responded by continuing to offer home loan rates that make now a great time to buy a home.
If you’re in the market for a new home or need help planning your path to home ownership, trust the mortgage loan experts at Sammamish Mortgage where people realize their dreams of home ownership every day.
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Sammamish Mortgage is a local mortgage company serving the broader Pacific Northwest region, including Washington state, Idaho, Colorado, and Oregon. We are proud to offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a home loan.