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Medical expenses can get very large very quickly, especially if you get sick, are in an accident, or have an ongoing health issue. In fact, medical bills are one of the leading reasons why people go into debt and file for bankruptcy.

One way to help protect both your health and your financial well-being is to purchase health insurance.

While these plans also have costs associated with them — in the form of premiums, deductibles, copays, and other fees — buying coverage can often be worth the investment.

Finding the right plan for your needs and budget, however, can sometimes be daunting. And, if you’re shopping for health insurance for the first time, it may seem like these companies are speaking an entirely different language.

Fortunately, we’re here to help guide you through all the health insurance basics you need to know when shopping for insurance plans, whether it’s through the federal marketplace, an employer, or directly through an insurance company.

What Does Health Insurance Cover?

The Affordable Care Act (ACA), also known as Obamacare, made covering certain health care services a requirement for all health insurance plans available to consumers.

These required services are known as the 10 health essential benefits. These 10 categories of services include:

•  Ambulatory patient services (outpatient care that you can receive without being admitted to a hospital)
•  Emergency services
•  Hospitalization for surgery, overnight stays, and other conditions
•  Pregnancy, maternity, and newborn care
•  Mental health and substance use disorder services
•  Prescription drugs
•  Rehabilitative and habilitative services and devices (treatment and devices that help people gain mental and physical skills after an injury or chronic condition)
•  Laboratory services
•  Preventive and wellness services
•  Pediatric services, including dental and vision coverage for children

Different Types of Private Health Insurance

Unless you qualify for insurance administered by federal or state governments such as Medicaid, Medicare, and the Children’s Health Insurance Program (CHIP), you will be in the market for private health insurance, which refers to any health care plan offered by a health insurance company.

These options typically include:

Employer-Sponsored Insurance

Also sometimes referred to as “group insurance,” employer-provided health insurance plans are private plans purchased and managed by your employer.

Employer-sponsored plans need to follow the same rules as other private insurance plans and cover the 10 essential benefits listed above.

Because employer-sponsored health insurance covers a large group of people, premiums are generally more affordable than a comparable individual plan. Plus, in many cases, employers cover a portion of your premium costs, which can make this option even more affordable.

Recommended: Choosing an Individual Health Insurance Plan

Exchange-Based Insurance

While federal and state governments oversee the ACA exchanges, the insurance is offered through private health insurance companies. As a result, exchange-based coverage is considered private insurance.

Depending on your income, however, you may qualify for premium assistance through your state or the federal government when you purchase insurance through an exchange.

Exchanged-based insurance is divided into four metal tiers: bronze, silver, gold, and platinum. The tiers do not necessarily reflect quality of service in the plans, but rather how much you’ll pay in premiums and other out-of-pocket costs.

With bronze plans, for instance, you’ll typically pay higher deductibles and copays but lower premiums. Platinum plans generally charge the highest premiums, but you’ll usually pay the least in out-of-pocket costs. Silver and gold tend to land somewhere in between.

Off-Exchange Insurance

This is a health care plan provided by a private insurance company that is sold separate from the exchanges. It may be purchased through an insurance broker or agent or directly from the insurance company.

Off-exchange plans must cover the 10 essential benefits and follow other rules dictated by the ACA — meaning you don’t have to worry about any loopholes or “gotchas.”

With off-exchange insurance, however, there are no government-funded premium subsidies. Also, insurers don’t have to offer a plan at every metal tier. They can offer just one type of health insurance plan.

Short-Term Health Insurance

Short-term plans are designed to provide temporary emergency coverage when you are between health plans or outside of enrollment periods.

Depending on what state you live in, short-term coverage can last up to 12 months, sometimes with the possibility of renewal for up to 36 months.

Short-term plans do not need to be ACA compliant. As a result, these plans do not have to provide essential coverage, most notably, coverage for preexisting conditions. Deductibles and out-of-pocket costs can also be significantly higher than traditional health plans.

Short-term health insurance may still be worth buying to cover a short coverage gap of one or two months if, say, you’re looking for a new job or a new job has a waiting period before your health insurance kicks in. Many large health insurers offer short-term options.

Understanding the Different Types of Plans

Whether you get insurance through your employer, through an exchange, or directly through a health insurance company, you will likely be able to choose between several different types of plans.

You’re also likely to encounter some confusing acronyms while shopping, like HMOs, PPOs, EPOs, or POS plans. Understanding what these letters mean can be important. The kind of plan you choose can have a big impact on your out-of-pocket costs and which doctors you can see.

Here’s a rundown of the various forms of health insurance.

Health Maintenance Organization (HMO)

These plans generally limit coverage to healthcare providers who are under contract with the HMO.

You typically need to have a referral from your primary care doctor to receive care from a specialist or other provider in the HMO network. Care from providers out of the HMO network is generally not covered, except in the case of an emergency.

HMO plans typically have cheaper premiums than other types of private health insurance plans.

Preferred Provider Organization (PPO)

PPOs are typically less restrictive than HMOs when it comes to accessing your network of providers and getting care from outside the plan’s network.

You will likely have the option to choose between an in-network doctor, who you can see at a lower cost, or an out-of-network doctor at a higher cost. Usually, no referrals are necessary to see a specialist.

PPO plans typically have more expensive premiums than HMOs.

Exclusive Provider Organization (EPO)

EPO plans are usually a mix between HMO plans and PPO plans.

EPO plans typically give you the option of seeing a specialist without a referral. However, they generally do not cover out-of-network physicians.

EPO plans tend to have more expensive premiums than HMOs, but may have less expensive premiums than PPOs.

Point of Service (POS)

POS plans are another hybrid of HMO and PPO plans. Plan members typically pay less for care from network providers. Like an HMO, you may need to get a referral from your primary care doctor to see a specialist.

POS plans typically have more expensive premiums than pure HMOs, but may have less expensive premiums than PPOs.

High-Deductible Health Plan (HDHP)

This is a health plan that charges a high deductible (such as $1,650 or more for an individual or $3,300 or more for a family). This is what you would have to pay for health care costs before insurance coverage kicks in.

In return for higher deductibles, these plans usually charge lower premiums.

Often, you can combine an HDHP with a tax-advantaged health savings account (HSA). Money saved in an HSA can be used to pay for qualified medical expenses.

You can deduct HSA contributions from your taxes. Plus, earnings typically grow tax-free in the account, and withdrawals used to pay for healthcare are generally not subject to federal taxes.

Recommended: How Do I Start a Health Savings Account?

Catastrophic

These health plans are typically designed to cover only dire circumstances. They tend to have very high deductibles and lower premiums than other plans.

Catastrophic plans can help if you get seriously ill or injured, but you’ll usually pay a large chunk out of pocket for all other healthcare costs.

Catastrophic plans on the exchanges are only available to people under age 30 and people of any age with a hardship or affordability exception.

Key Features That Determine How Much You Pay

When you shop for a health insurance plan, it’s important to know which features decide how much you’re actually going to pay for health care.

These out-of-pocket expenses can typically be grouped into five major features of your health insurance plan. These include:

Premium: This is the amount of money you pay to your health insurance company each month to stay enrolled in your plan and keep your insurance coverage.
Deductible: This is how much you need to pay for health care services out of pocket before your health insurance kicks in. Your plan may have a family deductible in addition to individual deductibles. You may want to keep in mind that the deductible and out-of-pocket maximum are two different things (more on that below). Plans with lower premiums tend to have higher deductibles.
Copayment: Often shortened to “copay,” this is a fixed amount that you pay for a specific service or prescription medication. Copayments are one of the ways that health insurers will split costs with you after you hit your deductible. You will pay copayments until you hit your maximum out-of-pocket amount.
Coinsurance: This is another way that health insurers will split costs with you. Unlike a copay, coinsurance usually isn’t a fixed cost. It’s typically a percentage of the cost that you pay for covered services. For example, if you have a coinsurance of 20%, you’ll pay 20% of the cost of covered services until you reach your out-of-pocket maximum.
Out-of-pocket maximum: This refers to the most you’d ever have to pay for covered health care services in a year. Payments made towards your deductible, as well as any copayments and coinsurance payments, generally go toward your out-of-pocket limit. Typically, monthly premiums do not count.

How to Buy Health Insurance

If you are employed and your benefits include health insurance, you may be eligible to buy coverage through your employer, either at your date of hire, during open enrollment season, or if you experience certain qualified changes of status such as a marriage or birth of a child.

Another option is to buy insurance through the exchanges at Healthcare.gov. Here, you can also determine if you qualify for a premium subsidy. You may also be given the option of purchasing a plan through your state’s exchange.

You can sign up for exchange coverage during the annual open enrollment period, which typically runs from November 1 through January 15. (Some states have longer enrollment periods.)

Or, you may qualify for a special enrollment period, which allows you to purchase coverage at any time. Loss of employer-based insurance or a move to another state are examples of situations when you might qualify for a special enrollment period.

You can also buy private insurance plans directly from insurance companies. You can research individual and family plans on insurance company websites or work with an insurance broker who specializes in private coverage. Online insurance brokers are also a place to compare plans and prices.

The Takeaway

Health insurance can protect you from large medical bills should you or a member of your family experience an illness or accident. You may be offered health insurance through your employer. Or, you might choose to buy health insurance through the federal health insurance marketplace or directly from a private health insurer.

When looking for a plan that fits your situation and budget, it’s a good idea to review all costs involved. This includes deductibles, copays, and coinsurance, in addition to premiums. You’ll also want to ensure the network of providers and services that each plan covers fit with your health needs. After all, having the right coverage in place can help you maintain your health and preserve your financial security.

When the unexpected happens, it’s good to know you have a plan to protect your loved ones and your finances. SoFi has teamed up with some of the best insurance companies in the industry to provide members with fast, easy, and reliable insurance.

Find affordable auto, life, homeowners, and renters insurance with SoFi Protect.

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Home and Renters Insurance: Insurance not available in all states.
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SoFi Insurance Agency, LLC. (“”SoFi””) is compensated by Experian for each customer who purchases a policy through the SoFi-Experian partnership.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Learning how to build and maintain a good credit score is a crucial part of your financial health. Not only can it be a badge that says your financial life is in good shape, it can also help you access credit and get approved for loans and insurance at more competitive rates. Being approved for lower interest rates and premiums can in turn save you tens of thousands of dollars over your lifetime.

A solid credit score can also have other perks, such as helping you get approved for products with better features, such as rewards credit cards. Read on to learn how to maintain a good credit score.

What Is a Credit Score?

A credit score is a three digit number ranging from 300 to 850 that is an indicator of your credit behavior. Your score is calculated based on your credit history from all three credit bureaus — Experian®, Equifax®, and TransUnion®. Your score communicates how lenders may perceive your risk as a borrower.

What exactly does that mean? By reviewing your past use of credit, your score reveals if you are more or less likely to pay back your loans on time. If you are more likely to repay your debts in a timely manner, the less risky you are.

The higher your credit score, the more creditworthy you typically are in the eyes of lenders.

What Affects Your Credit Score?

Several factors can affect your credit score, such as your payment history, the number of loan or credit applications submitted, and the age of your accounts you hold. There are also different scoring models, such as FICO® vs. VantageScore. Each weighs factors differently to arrive at a credit score. Meaning, there may be some differences in your credit score.

Lenders may look at one credit score or all of them, plus different qualification criteria when deciding whether to approve you for a loan and at what interest rate.

How Is Your Credit Score Calculated?

Though there are different credit scoring models, most use similar financial behaviors to calculate them.

They’re grouped in the following categories:

•   Payment history: This factor is one of the most important factors in your credit score as it assesses whether you’re likely to pay your loan on time. Credit scoring models will look into current and past account activity, including any late or missed payments.

•   Amounts owed or available credit: The percentage of the available balance you’re using is your credit utilization. The more you are using available credit in your revolving accounts (like your credit cards and lines of credit), the more it could appear you rely too much on credit. This can make you look like a risky person to whom to lend.

•   Age of credit history: The longer your credit history, the more a lender can look into your credit behavior. It’s usually considered good to have a long credit history vs. a very short or recent one.

•   Account types: Having a mix of credit (such as installment loans as well as lines of credit) offers more insight into how you handle various accounts. Credit-scoring models may not, however, use this as a major factor when calculating your score.

•   New or recent credit: The more recent applications you submit for new loans or credit accounts, the more risky you may appear to be. That’s because it may look like you need to rely on credit; that you are quickly trying to acquire different forms of access to funds.

(There are some exceptions, such as shopping around for mortgages within a short span of time.)

Recommended: Breaking Down the Different Types of Credit Cards

8 Tips for Maintaining Your Credit Score

Understanding the importance of a good credit score and what goes into it can help you protect the one you have. The following are eight suggestions on how to maintain a good credit score.

1. Pay Your Credit Card Bills on Time

Ensuring you’re on top of your bills (not just your credit cards) will help keep a positive payment history in your credit reports. This is the single biggest contributing factor to your credit score at 30% to 40%. Consider setting up automatic payments or regular reminders to ensure you’re paying on time.

2. Keep Your Credit Utilization Low

Your credit utilization is the percentage of the available limit you’re using on your revolving accounts like credit cards. Basically, you don’t want to spend close to or at your credit limit. A good rule of thumb to follow is to use no more than 30% of your overall credit limit; ideally, you’d keep that number under 10%.

So if you have one credit card with up to $10,000 as the limit, you want to keep your balance at $3,000 or lower.

3. Maintain Credit History With Older Credit Cards

Even if you don’t use your older credit cards that often, keeping them open means you can maintain your long credit history. Consider charging a small or occasional amount, whether an espresso or gas station fuel-up, to ensure your account stays open. This can reassure prospective lenders that you have been managing credit well for years.

4. Apply for a New Card Only When Important

Consider this as you try to keep a good credit score: Go slow. Since credit-scoring models look at the number of times you apply for new credit, only open one when you really need it. Stay strong in the face of offers to get free shipping or 10% off if you sign up for a card that many retailers promote.

Spreading out your applications is a good idea rather than regularly or heavily putting in a lot of card applications. By moving steadily and choosing a credit card and other types of funding carefully, you likely won’t raise red flags, such as that you need to rely heavily on credit.

5. Frequently Check Your Credit Reports for Errors

Mistakes can happen, and errors in your credit reports could negatively affect your score. You can get your credit reports for free at AnnualCreditReport.com from all three credit bureaus.

It’s wise to check your credit scores regularly, which won’t impact your score. If you see that something is amiss — whether it’s an account you don’t own or a bill marked unpaid that you know you took care of — dispute the credit report error as soon as possible.

6. Make Payments in Full When Possible

Making payments in full will help you maintain a positive payment history and lower your credit utilization. Both of these can maintain your creditworthiness and save you money on interest charges.

7. Don’t Close Old Credit Cards

Closing your old credit cards could shorten your credit history. It could also increase your credit utilization because it will lower your available credit limit. Even if you make the same amount in purchases, your credit utilization would go up when your credit score updates.

For example, if you currently have an overall credit limit of $28,000 and you have $7,000 in credit card balances, your credit utilization is 25%. If you close a credit card which had a $7,000 limit, you then lower your total available credit to $21,000 your credit utilization will go up to 33%.

8. Live Within Your Credit Means

It can be hard to say no to an invitation to try a pricey new restaurant or to not tap to buy when scrolling through social media. But when you let your spending get out of hand, you may use your credit cards too much. It can feel like free money in the moment — but you still have to pay it back. If you overextend yourself, you may find it hard to pay your balance on time and risk a late or missed payment.

Instead, spend only what you can afford and try to avoid lifestyle creep (having your spending rise with your pay increases or even beyond them). That can help provide some guardrails for using credit cards responsibly.

Establishing a Credit Score for New Credit Card Users

Trying to establish a credit score can be a challenge since, ironically enough, you need credit to build credit.

If you are in this situation, there are several options to pursue, such as the following:

•   Open a secured credit card: A secured credit card is one where you’ll put down a refundable cash deposit that will act as your credit line. You can use this to establish credit and apply for an unsecured credit card. Some issuers will upgrade you once you make consistent on-time payments for a predetermined amount of time.

•   Apply for a credit builder loan: These types of loans are specifically geared towards helping you establish and build credit over time. Instead of getting the loan proceeds like a traditional loan, the funds are held in an escrow account until you pay back the loan in full.

•   Become an authorized user: You can ask a loved one, like a parent or even a close friend, if they’re willing to add your name on their credit card account as an authorized user. Doing so means the credit account will go in your credit history. Of course, that doesn’t give you access to use their account without restraint. The guardrails can be established between you and the original card holder.

The Takeaway

Maintaining a good credit score comes with perks such as increasing the likelihood of getting approved for loans at more favorable terms. You might qualify for lower interest rates, saving you a considerable amount of money over time.

Using a credit card wisely is one of the ways you can build and maintain your credit score.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

How can I maintain my credit score?

You can maintain your credit score by consistently making on-time payments, keeping a low credit utilization, and limiting applications for new credit.

Why is it important to maintain a good credit score?

Maintaining a good credit score can help increase the chances of getting approved for loans with more favorable rates and terms. It can also mean lower insurance premiums.

How can I maintain a good credit score without debt?

You can maintain a good credit score by paying off all your credit card balances each month so you don’t carry that kind of debt. Keeping older accounts open and using them occasionally can also contribute to a good credit score.

What can I do to build a good credit rating?

You can build a good credit rating by ensuring you’re making payments on time, not using all your available credit limit, and being careful in applying for new loans (that is, don’t apply for too many lines of credit too quickly). These are some of the best ways to achieve and maintain a good credit rating.

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Photo credit: iStock/PeopleImages

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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While landing a competitive mortgage interest rate is often a primary goal for borrowers, finding the best mortgage lender to successfully guide you through the home-buying process can also be an important priority. But with so many choices available, how can you know which lender is the right fit for you? Read on for a look at some of the top factors to consider as you shop for the best mortgage lender for your needs.

How to Choose a Good Mortgage Lender

Thanks to online reviews and comparison sites, researching a wide range of mortgage lenders and home loan options is easier than ever. But it can also be overwhelming. Here are a few strategies that could help you narrow down your choices:

Get Your Finances in Order

It can be useful to have your financial ducks in a row before you start your mortgage research. That way, you’ll have an idea of how much you’ll be able to borrow, and whether lenders might consider you a reliable or risky borrower. Some things you can do to prepare include:

•   Check out your creditworthiness. You can expect lenders to look at your credit scores, credit reports, and other financial factors to assess your ability to pay back the money you borrow. So why not scrutinize your status in advance to see where you stand? (Remember, by improving your numbers, you can better your chances of getting the rate and terms you want.) If you use a money tracker app, or if you go to your bank or credit card company’s website, you can probably check your credit score without paying. You also can get a free credit report from each of the three main credit bureaus just by visiting AnnualCreditReport.com.

•   Determine what you can realistically afford on your income. You may want to use a debt-to-income (DTI) ratio calculator to assess how much of what you earn every month would be going straight toward your debt obligations. Though you may have some wiggle room — depending on the type of loan you want and the lender’s requirements — a good goal is keep your potential housing costs (mortgage payment, homeowner’s insurance, homeowners association fees, property taxes) to 28% or less of your monthly gross income and your total debt payments (housing costs plus credit card payments, car and student loans, etc.) to no more than 36% to 43% of your monthly income.

Familiarize Yourself with Different Types of Mortgage Loans

Though most U.S. borrowers end up getting a conventional loan from a private lender, there are many different types of mortgage loans to choose from. There are government-backed loans, such as Federal Housing Administration (FHA) loans, that can make homebuying more affordable for borrowers — including qualified first-time homebuyers. And there are jumbo loans available for buyers who want a mortgage that exceeds the maximum loan limit for a conforming loan. It’s also important to consider if a fixed- vs. adjustable-rate mortgage is better for your needs, and the loan length you prefer (typically 15, 20, or 30 years).

Comparison-Shop Online

Comparing multiple lenders can help ensure that you find a loan package tailored to your unique financial situation. You can use an online comparison site to see types of loans, interest rates, annual percentage rates (APR), and other terms lenders are offering. Customer reviews and ratings can also be valuable when you shop for a mortgage. And don’t forget to consider how specific loan requirements, like a minimum credit score or down payment amount, might affect your eligibility.

Ask Trusted Sources for a Recommendation

Do you have friends, family members, or colleagues who recently purchased a home? You may want to ask them about their experiences and if they’d use the same lender again. Your real estate professional also may be able to recommend a reputable lender. (Keep in mind that someone who purchased their house years ago may not have had as many choices or opportunities to find the best lender for a mortgage.)

Apply for Preapproval

Most lenders offer a mortgage preapproval process that can give you a solid estimate of your loan costs and interest rate — though it doesn’t mean your final approval is guaranteed or binding. You can get preapproved through several lenders if you want to compare offers.

Recommended: The Cost of Living By State

Types of Mortgage Lenders

There are many different types of mortgage lenders, and each one may have pros and cons, depending on your circumstances.

Direct Lenders

A direct lender is a financial institution (a bank, credit union, or mortgage company) that originates, processes, underwrites, and funds loans to borrowers without intermediaries. Direct lenders establish their own rates and terms. A direct lender may have a brick-and mortar location, serve customers online only, or both.

Correspondent Lenders

Correspondent lenders originate and fund their own loans but quickly sell them on the secondary mortgage market. Because of this, correspondent lenders tend to have stricter lending requirements. And borrowers can expect to work with a new loan servicer soon after they go through their closing.

Portfolio Lenders

Portfolio lenders originate and fund “nonconforming loans” — loans that don’t meet the criteria required for resale to Fannie Mae and Freddie Mac, the government-sponsored entities that purchase most U.S. mortgages. Because they generally don’t sell the loans they originate to investors in the secondary market, portfolio lenders don’t have to use the same eligibility requirements that traditional lenders use to qualify borrowers for conforming loans and government-backed mortgages.

Mortgage Brokers

A mortgage broker is actually a matchmaker, not a lender. These independent, licensed professionals don’t originate or service loans or set rates or fees. But they can help borrowers compare a wide range of mortgage options and connect them with lenders that are a good fit for their particular needs. The broker’s commission is usually a small percentage of the loan amount. It’s typically paid by the lender, but the cost is often passed down to the borrower.

Five Questions You Should Ask a Mortgage Lender

Before you settle on a particular lender and move forward with the mortgage process, here are some questions you may want to ask:

How long could it take to close?

A lender won’t be able to tell you exactly how long your loan will take to close (there may be delays that can’t be controlled), but they can give you an idea of how long it usually takes. This can help you determine if their process works for your timeline.

How much of the mortgage process will be handled in-house?

If the lender does most or all of the loan processing in-house, the operation may be more streamlined. You may also want to ask if the lender will service the loan after you close.

Do you think that the loan I’m interested in is the best fit for me?

Your lender may have thoughts on why you would benefit from one loan type vs. another. If you’re buying your first home, you can also ask about down payment assistance programs and other information specific to your situation.

What length of time do you recommend for a mortgage rate lock, and is there a fee?

A mortgage rate lock keeps your rate from changing for a set period of time, so you won’t pay more if interest rates rise before you close on your loan. You may be able to lock in your rate for 30, 60, or even 120 days, depending on the lender. The cost of the lock can also vary.

How will we usually communicate?

It can be helpful to let your lender know your preferred method of contact so you can reach each other quickly when there’s a question, potential problem, or good news to share.

Recommended: Average Monthly Expenses for One Person

Where to Get a Mortgage

You’ll find there’s a wide range of options available when you’re ready to get a mortgage. The most popular choices include:

Conventional Banks

You can apply online at most larger banks; or, if you prefer, you can head to a local brick-and-mortar branch for one-on-one attention. Still, even if you’re a longtime customer of the bank where you have your checking, savings, and other accounts, you may want to do some research and compare their terms to what other lenders have to offer.

Credit Unions

Like banks, credit unions typically offer a variety of mortgage loans online or in person. But to become a borrower, you may have to meet certain membership requirements, such as living in a certain geographic area or working in a specific profession.

Online Lenders

Some lenders handle every part of the mortgage process online only. This can reduce their overhead costs, and online-only lenders are also known to offer faster approvals. But this approach may be daunting if you prefer to speak to someone face-to-face or want to share certain documents in person.

Mortgage Marketplaces

An online mortgage marketplace collects loan offers from different lenders in one spot. Instead of filling out separate applications for several different lenders, you can enter a few key pieces of information, and the site will list mortgage options from banks, credit unions, and online lenders.

The Takeaway

Buying a home will likely be one of the biggest investments you ever make — which is why it can be critically important to find the best mortgage lender for your transaction. Of course it’s important to look for a competitive interest rate; but when you’re moving through the complicated mortgage process, you’ll also be grateful for a lender that can offer the total package, including good customer service, a solid reputation, lower costs, and favorable loan terms.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How to decide which mortgage lender is best?

When choosing a lender, it’s important to look at several factors, including the types of loans they offer, their reputation for reliability and good customer support, and the interest rate and other loan terms they can provide.

Where is the best place to look for a mortgage loan?

It can be useful to visit a comparison site to shop online for lenders that offer loans, terms, costs, and support services that are a good fit for your needs.

What is the 2/2/2 rule for mortgages?

The 2/2/2 rule refers to the documentation you’ll probably need to provide when you apply for a mortgage: two years of W-2s, two years of tax returns, and your two most recent pay stubs.

What not to say to a mortgage lender?

You shouldn’t ever lie to your lender or withhold relevant information, but you also don’t have to overshare about money problems, marital issues, or concerns about your job.

What is the 3/7/3 rule in mortgages?

The 3/7/3 rule sets specific deadlines for when mortgage lenders must provide disclosures and when you can officially close on your loan. Lenders must send you the initial loan disclosure within three business days of receiving your application. There is a seven-day mandatory waiting period after the initial disclosure. And if your APR changes beyond a set limit, the lender must send a new disclosure, which triggers another three-day waiting period before you can close.

What looks bad on a mortgage application?

Mortgage underwriters are trained to look for red flags when they review loan applications, including low credit scores, a high debt-to-income (DTI) ratio, recent large deposits to your checking or savings account from an undocumented source, unreliable income sources, or a recent bankruptcy.

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Photo credit: iStock/PeopleImages

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Buying a house with no money down gets you on the path to home ownership much faster than saving up for a large down payment. After all, the average sales price of a home in the U.S. in early 2025 is $503,800; a traditional 20% down payment at that price point would top $100,000!

For the smoothest path to the closing table with a no-money-down loan, you may not need a lot of cash, but you do need a credit score of at least 600. Here’s everything you need to know about what credit score is needed to buy a house with no money down.

Can You Buy a House With No Money Down?

It’s possible to buy a house with no money down, but you’ll need to meet the eligibility requirements that come with certain types of mortgage loans or search for alternative programs that help keep your upfront costs to a minimum. You’ll also need to know what credit score is needed to buy a house with no money down, which can vary based on the type of loan and lender — more details on that below.

Note: SoFi does not offer a zero-down mortgage at this time.

What Is a Zero-Down Mortgage?

Typically, lenders require a down payment on a mortgage, whether you’re buying your first home, taking out a jumbo loan for a luxury property, or getting something in between. The down payment gives you automatic equity in the home, and lowers the lender’s risk since you have a financial investment in the home.

With a zero-down mortgage, also known as a no-down-payment mortgage, you take out a loan for the home’s full purchase price, instead of paying for part of it in cash. As the cost of living in the U.S. increases, this can help you buy a home faster than if you waited to save up a down payment.

How to Buy a House With No Money Down

There are a few different options to explore in order to buy a house with no money down.

Get a Zero-Down Home Loan

There are two primary types of zero-down home loans for first-time buyers, but you’ll need to meet mortgage preapproval requirements.

VA loans are backed by the federal government and designed specifically for veterans, military members, and surviving spouses. You don’t have to make a down payment and won’t have to pay private mortgage insurance. You do, however, need to meet the lender’s requirements for credit and income. Most lenders will be looking for a credit score of 620 for a VA loan, although some may allow a lower score. The higher the loan amount, the more strict a lender’s credit-score threshold may be.

USDA loans, also backed by the government, provide 100% financing for properties located in an eligible zone. The credit score needed for a USDA loan will vary based on the lender. A score of 640 or better is a baseline for many lenders, but even those with lower scores may qualify if they provide additional supporting documents for their application. (Note: SoFi does not offer USDA loans, although it does provide VA loans.)

This option isn’t solely for qualified first-time buyers, but USDA loans come with income limits that may be easier to meet if you’re earlier in your career and home-buying journey. Your income can’t exceed 115% of the area’s median household income. The maximum income level varies depending on family size, since the average monthly expense for one person is less than a family with multiple kids. You can search the USDA’s eligibility site to check eligible property addresses in your area.

Use a Down Payment Assistance Program

Some state and local governments, along with other entities like nonprofits, may offer down payment assistance programs. They’re more common in areas with a high cost of living, so not all of these programs will be available if you live in one of the best affordable places in the U.S.

Consider Alternative Strategies to Pay for a House With No Money

Though less conventional, it is possible to find alternative home financing options, such as seller financing or a lease-purchase agreement. You will need to enlist the help of a lawyer to pull together an agreement that protects you in these scenarios.

Seller financing involves creating a legal agreement directly with the seller, who serves as your lender. The seller typically needs to either fully own the house or just have a small mortgage balance left in order for this to get approved. Together you will negotiate the terms of the loan, including the length of the term and interest rate.

A lease-purchase agreement, also called rent-to-own or lease-to-own, will mean that you start off renting the property and will have the option to buy it after a certain period of time. You may need to pay a fee, and often a sales price is agreed on while you’re renting. A portion of your rent payment usually goes toward the purchase price, serving as a down payment.

Negotiating for closing credits might require you to make a down payment, but an agreement with the seller to cover some of your closing costs will reduce your overall spending. This can be challenging when the majority of the U.S. real estate market currently favors sellers, but the strategy may work with fixer-upper properties or if the inspection comes back with significant issues.

First-Time Homebuyer Loans With a Low Down Payment

Not all homebuyers will qualify for a home loan with no down payment. Here are some alternative options that require smaller down payment amounts.

Conventional mortgages Some mortgage lenders allow qualified first-time homebuyers of any income level to obtain a conventional home loan with just 3.5% down. Conventional loans typically require a credit score of at least 620.

Fannie Mae HomeReady and Freddie Mac Home Possible: Low-income first-time homebuyers may qualify for one of these home loans. The minimum down payment is just 3% and lenders may use your rent history to help supplement a lower credit score. Plus, with Fannie Mae, you could qualify for a $2,500 credit to reduce your loan balance.

FHA loans: These aren’t designed for first-time homebuyers, and you don’t need to worry about meeting income limits. With an FHA loan, you can qualify for a low 3.5% down payment if your credit score is 580 or higher.

How to Find the Best No-Down-Payment Mortgage Lenders

Compare multiple lenders early on in the home-buying process. Even if you qualify for a no-down-payment loan, lenders will vary in their interest rates and closing costs, all of which impact how much you pay upfront and over time.

If you’re trying to keep your cash spending as low as possible, look for lenders that offer closing cost credits for eligible borrowers. Usually they come with income limits and first-time homebuyer requirements. But if you qualify, that could mean extra cash in your pocket at closing — just be sure to check for hidden costs in the form of other fees or higher rates.

Pros and Cons of First-Time Homebuyer Loans With Zero Down

Is a zero-down home loan worth it? Weigh the pros and cons before you get started.

Of course, if you don’t like some of the terms associated with your home loan, you can always apply for a mortgage refinance later on.

The Takeaway

Buying a house is expensive, and using a no-down-payment mortgage can help you become a homeowner faster. But you’ll need to meet a number of eligibility requirements, including credit score minimums, income thresholds, and more. And while there are alternative options available, it’s always crucial to compare lenders, rates, and fees to make sure you’re not taking on hidden costs. Ready to explore some options?

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

What credit score do you need to buy a house with no down payment?

It depends on the program and the lender. VA loans technically don’t have a minimum credit score requirement. Many lenders want to see a 620 or higher, though some may accept a score of 600. For USDA loans, the minimum score required by lenders is usually 640.

What credit score is needed to buy a $300K house?

The credit score needed to buy a $300,000 house depends on the type of mortgage. While VA and USDA loans have a minimum of 600 and 640, respectively, FHA loans allow for scores as low as 500 (with a 10% down payment) or 580 (with a 3.5% down payment).

What credit score do I need to buy a $250,000 house?

The credit score needed to buy a $250,000 house depends on the type of mortgage. The lowest credit score you could have and still secure a mortgage would be 500 (for an FHA loan with a 10% down payment). Expect to need a minimum credit score between 580 and 640 for other loans, depending on which kind you choose.

Can I get an FHA loan with no down payment?

You cannot get an FHA loan with no down payment. The least amount you could put down in this situation is 3.5%. You are allowed to obtain this money via a gift from a friend or relative, but you’ll need to follow specific guidelines if you go this route.

How can I get a 700 credit score in 30 days?

Whether you can get to a 700 credit score in a month depends on what is impacting your score — and how high (or low) a score you currently have. Some quick fixes include paying down high credit card balances, identifying and repairing errors in your credit report, and becoming an authorized user on someone else’s credit card — as long as it has a low balance and isn’t delinquent. But even if you already have a fairly good score, it might be hard to achieve a 700 in this brief window of time.

What builds credit the quickest?

In order to quickly build credit, you need to pay all of your bills on time. Late payment entries can quickly derail your score and stay on your credit report for seven years. You can also lower your credit utilization ratio by paying down credit card balances and asking for higher limits (just don’t charge them up).

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Photo credit: iStock/Worawee Meepian

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
This article is not intended to be legal advice. Please consult an attorney for advice.

Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Thinking about buying a $300,000 home? Your credit score will play a big role in whether you’ll get approved for a loan and what your interest rate will be. For most conventional loans, you’ll need a credit score of at least 620. But if your credit score is lower, you may still have some options available to you, including a government-backed loan.

What Credit Score Is Recommended to Buy a $300,000 House?

Housing is an important component of the cost of living. However, the price of a home does not directly dictate the credit score that you will need to secure a home loan. That said, it may have an effect on the credit score that lenders prefer to see. The more expensive a house, the more risk the lender is taking on, and the higher the credit score they may prefer.

Your credit score is a three-digit representation of your credit history, including how responsible you have been when paying off debt in the past, and how much debt you’re currently carrying. For most conventional loans, you’ll need a credit score of 620 or more. A conventional loan is the most common type of mortgage loan. It’s not insured by the federal government. Rather it’s backed by private insurers, as are jumbo loans.

Government-backed loans, including Federal Housing Administration (FHA) loans, have lower credit score requirements. FHA loans typically have a minimum credit score requirement of 580 for a loan with a 3.5% down payment. Lower scores aren’t necessarily excluded from the FHA program, but borrowers with a score below 580 will need to make a 10% down payment.

Recommended: Mortgage Refinance

How Much Down Payment for a $300,000 House?

The amount you’ll need to put down for a $300,000 home will depend on your loan. A conventional mortgage typically requires a 3% down payment if you’re buying your first home, and 5% for those who’ve purchased a home in the past. That’s $9,000 or $15,000 respectively.

However, if you want to avoid paying private mortgage insurance (PMI), you’ll need to make a down payment of at least 20%. That’s $60,000 for a $300,000 home.

As mentioned above, FHA loans require a 3.5% down payment ($10,500 on a $300,000 loan) if your credit score is 580 or above. Below this threshold you’ll need to put down 10%, or $30,000 on a $300,000 home. In general, anyone can apply for an FHA loan if they meet these requirements.

VA loans — which are available to eligible veterans, active-duty service members, surviving spouses, and certain members of the National Guard and Reserves — generally have no down payment requirement.

The higher your down payment, the less risk your lender is taking on, and the easier it may be to secure a loan. Lower risk also means that your lender may be willing to offer you lower interest rates and more favorable loan terms, which can decrease the overall cost of borrowing over time.

What Is the Monthly Payment for a $300,000 House?

Mortgage payments are often a big part of an individual’s average monthly expenses. That said, the monthly payment on a $300,000 house can vary widely depending on your interest rate, loan term, and the down payment you’ve made. One way to find out what your payments might look like and what size loan you could be approved for is to seek a mortgage preapproval from a lender.

Here is one example so you can see how costs stack up. Say you wish to purchase a $300,000 home with a 10% ($30,000) down payment. The loan amount is $270,000. Let’s assume you take out a 30-year conventional mortgage at a 6.50% interest rate. You’ll be required to pay PMI, since your down payment is less than 20%. Here’s a breakdown of what you’ll owe monthly.

  Principal and interest: $1,707

  PMI (ranges from 0.5% to 1.5%): $100

  Property taxes (vary by location): $300

  Homeowners insurance (varies by location and coverage): $250

  Total: $2,357 /per month

Recommended: Cost of Living in the U.S.

How to Afford the Down Payment for a $300,000 House

If you’re a first-time homebuyer, down payment assistance programs (DPAs) offered by state and local government and lenders can help you afford the upfront costs of buying a home. They may come in the form of grants that don’t need to be repaid or various types of loans, such as deferred loans or low-interest loans.

If you don’t qualify as a first-time homebuyer or for DPA, you’ll have to work to save up for a down payment in the months and years leading up to a home purchase. Consider saving this money in a dedicated account, so you aren’t tempted to use it for other purposes.

The Takeaway

There’s no one-size-fits-all credit score requirement to buy a $300,000 house. But a score of 620 or higher will open the door to conventional mortgage options, while those with a lower score might consider applying for an FHA loan. A stronger credit score can help you secure a loan with a lower interest rate and better terms. Ultimately, a higher score can help you save thousands of dollars over the long term by qualifying for a mortgage that better suits your needs.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How much income do you need for a $300,000 mortgage?

It takes a minimum annual income of $90,000 to afford a $300,000 mortgage. This assumes you don’t have to pay for private mortgage insurance and that you don’t have any other significant debts. This is based on the widely used 28%/36% guideline which suggests you spend no more than 28% of your gross income — the amount of money you earn before any deductions, such as taxes — on housing expenses, which includes mortgage payment, property taxes, and insurance.

What is a good down payment for a $300,000 house?

For a conventional mortgage, first-time homebuyers will need to put down at least 3%. Repeat buyers will need to put down 5%. However, you’ll have to pay for private mortgage insurance if you don’t put down at least 20%. The larger your down payment, the easier it may be to qualify for a mortgage or mortgage preapproval and the more likely your lender is to offer lower interest rate and favorable loan terms.

What credit score do I need to buy a $400,000 house?

To buy a $400,000 home, you’ll need a score of at least 620 for conventional and VA loans. And you’ll need a score of 580 for FHA loans with a down payment of 3.5%. If your score is between 500 and 579, you’ll need a 10% deposit to get an FHA loan.

Can I afford a $250,000 house on a $50,000 salary?

If you apply the 28%/36% rule, you would have 28% of your salary to spend on your home expenses (mortgage, taxes, insurance). This means your monthly housing budget is $1,166. The size of your mortgage payments will depend on your down payment, interest rate, and loan term, but it would be difficult to afford a $250,000 house with a budget of $1,166 per month.

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Photo credit: iStock/Sean Anthony Eddy

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

^¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
^†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

SOHL-Q225-256

Read more