Knowing the credit score before buying the mortgage is the first step which will be of a greater advantage. To get a mortgage it is best to evaluate and maintain to have a higher credit score are else you will not qualify for a mortgage with better rates. That means the interest rate for the mortgage will be higher with longer period of time.

Mortgage lenders expects good credit scores:

A Credit Score is a three-digit numerical expression grounded on the individual’s credit file analysis, which epitomizes his/her, credit health..It is required to have a high credit score to get better mortgage with less interest and less duration. Lenders always prefer to provide mortgage to receiver with higher credit score as it denotes that the client have a good record of on-time payments, and stable income. 

The lenders knows the status of a creditor with the credit scores as it indicates that the borrower will meet the obligation. The credit score acts as a reassurance for the lenders.The credit score is more often calculated by the FICO scoring model and is derived from the information onthe credit report, which is managed and maintained by credit reporting companies. 

Credit score more than 710 would be considered to get a mortgage hassle free in UAE. However, few of the financial institutions provide mortgage at credit score of around 570 points. This has been considered as the minimum credit score to get a mortgage in UAE. The credit score which is less than 570 is considered as the poor credit score. It is possible to increase the credit score by learning few step and following.  

Factors that are considered when calculating the credit score?

• Debt Repayments
• Number of Credit Cards
• Number of Bank Accounts
• Number of Credit Inquiries
• Missed Credit Card Payments
• Credit Utilisation
• Debt-to-Income Ratio
• Applying for a Loan Repeatedly

Mortgages where credit score can be less:

It is possible to get a mortgage with a poor credit score. But its difficult in every steps before the application approval process. And the amount for the mortgage will be low with higher interest rates.

The case above is because the credit score does not increase or decrease in a short amount of time. It is developed by time, with along history of missed payments and higher debts with long time. The lender will not approve an application with a higher risk. A few financial institute provide mortgage for the low credit score applicant in exchange of security or collateral.