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How Credit Score Affects Your Mortgage Interest Rate

How Credit Score Affects Your Mortgage Interest Rate

how credit score affects mortgageAre you looking to buy a home and are wondering what is the best credit score to have?

Many home buyers are taking mortgages thanks to the current low interest rates, some which go as low as 3 percent.

However, before applying for a home loan, you should ensure you have a credit score and that you are financially ready for the obligations you will be entrusted with. This is especially critical if you want to get a loan at the lowest interest rates.

The three digits on your credit score can make or break your home loan application. Most people do not think that an extra percentage point on their interest rate will make a difference. However, nothing can be further from the truth. With interest rates, every point counts.

What Credit Score Will Make You Eligible for a Home Loan?

In the past, majority of lenders required consumers … Read the rest

3 Practical Ways to Improve Your Credit Score

3 Practical Ways to Improve Your Credit Score

Editor’s Note: This guest post is by Fred McGuire, from Check out his latest entry; Smart Money Secret Review

how to improve your credit scoreThe best way to get a low interest rate loan is to have a good credit score. However, you may not have good credit for a number of reasons. Perhaps you went through an expensive divorce, suffered a serious illness that drained your finances or haven’t been keeping watch of your finances. Still, there is hope of improving your scores.

One thing you should know is that improving your credit score will require you to make some money changes in your life. Moreover, it can take some time for your score to improve. Therefore, the faster you get started, the better. Follow the do-it-yourself credit repair tips below and you will up your score in no time.

3 Ways to Improve Your Credit Score

Set up payment reminders

One of … Read the rest