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Bad Credit Mortgage Refi: How Your FICO Score Affects Your Mortgage
(presented by www.refinance-refinance.net - mortgage lenders)
By Louie Latour
If you are a homeowner with poor credit and would like to refinance your existing mortgage, there are a number of affordable options available to you. Before you get started there are steps you can take to improve your credit score. Improving your financial situation and your credit is not as difficult as you think; here are several tips to help you boost your credit before shopping for a new mortgage.
Your credit score, also known as FICO score, is a numerical representation of your credit history. Your score is calculated based on the positive and negative information in your credit reports. The more negative or inaccurate information you have in your credit reports, the lower your credit score will be. The lower your credit score is, the higher your interest rate will be.
The first thing you should do before applying for a new mortgage is to request copies of your credit reports and carefully scrutinize the records for errors. Even the slightest error in your credit report can significantly reduce your score. There are three agencies that maintain your credit records and these records are prone to mistakes. If you find errors in your credit records you will need to dispute the records with each credit agency.
How to Boost Your Credit Score
There is no quick fix to a low credit score. Repairing your credit will take time and effort and your part. To improve your credit score it is important to pay all of your bills on time. Maintaining low balance on your credit cards and paying off any negative information you have accumulated in your credit history will have a significant impact on your FICO score.
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