Mortgage : Home Loans : Refinance : Home Equity Loans

By Louie Latour

Your credit score is one of the most important aspects of your mortgage loan that you control. Even with a low score you can qualify for a mortgage; you will simply pay more for it. Here are tips to help you improve your credit score and qualify for the best mortgage loan.

Your credit score is derived from the contents of your credit reports. There are three credit agencies that maintain records on you, and these records are prone to errors. If you have mistakes or negative information in your credit reports, your credit score will suffer. Before you do anything else you need to request copies of your credit reports from all three credit agencies and carefully review them for errors. If you find errors you will need to dispute them with each credit agency.

Negative information has a devastating effect on your credit score. If you have negative information on your credit report such as judgments or write-offs, you need to contact the creditors and negotiate to have this information removed. Once this information is out of your credit reports your credit score will rebound quickly. The last step in rebuilding your credit score is to build up a history of making on time payments. Late payments have a negative impact on your credit score and you will want at least six months of on time repayment before applying for a mortgage loan.

Different mortgage lenders have different requirements for credit scores, depending on the loan offer you are applying. One lender may require a minimum credit score of 620 while another will require 660 for a comparable loan. This is why comparison shopping from a variety of mortgage lenders and brokers will help you qualify for the best mortgage interest rate. You can learn more about your mortgage options, including common mistakes to avoid by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com usin! g the li nk below. Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing: What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com. Claim your free guidebook today at: http://www.refiadvisor.com Refinance Mortgage Loan

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For additional Mortgage Refinancing information
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This entry was posted on Thursday, October 19th, 2006 at 4:20 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.