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Your Mortgage Interest Rate And Your Credit Score
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By Louie Latour

Your credit score is one of the most important factors determining the mortgage interest rate you will qualify for. Many homebuyers do not know their credit scores; not knowing your credit score is a mistake that can cost you thousands of dollars. Here are tips to help you save money and qualify for a better mortgage interest rate.

Your credit score is an important aspect of your finances. This score is calculated based on the contents of your credit records maintained by the three credit agencies of Experian, Equifax, and Trans Union. Your credit score is based on your payment history and your debt-to-income ratio. Your credit score will determine if the mortgage lender will approve your application and what the terms and interest rate on the loan will be.

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You credit records contain a history of your debt, whether or not you paid it back, and how timely your payments were. This is information is prone to error; it is extremely important to review your credit records for errors before you apply for any type of mortgage loan. You should request copies of your credit records from each of the three credit agencies and review the records with a fine tooth comb for any discrepancies. You can improve your credit score by paying down the balances on your debts and making all of your payments on time.

Your credit score affects the terms you will receive on your mortgage in addition to your interest rate. Many lenders require that you to pay discount points to qualify for a certain interest rate. A

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This entry was posted on Wednesday, August 23rd, 2006 at 3:52 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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