Better Credit Scores Get Better Mortgage Rates
This week marks the start of the Refi Boom’s 7th month; rates have been falling since early-April 2010. Whether you’re looking to refinance or buy a home, however, know that not everyone will qualify for today’s low rates.
Mortgage approvals are primarily based on good income, good equity and strong credit, and, without all three, the best rates of the day remain out of reach. Now, you can’t always ask for a raise and equity is a function of the housing market, but you can do something about your credit score.
In this 4-minute segment from NBC’s The Today Show, you learn some credit basics to help propel your score higher:
- There’s no “quick fix” for credit. Time + Good Credit Behavior = Better FICOs.
- Pay every bill when it comes due. Even one late payment can damage your score.
- Don’t close old credit cards
Also among the segment’s advice is to stop worrying about whether rates have bottomed. Refinance today if it makes financial sense. Then, if, by chance, rates fall in the future, just refinance again. Don’t be greedy, we’re told.
Related posts:
- Credit scores affect your life — beyond just mortgage interest rates.
- Quick Tips : Boost Your Credit Score For Better Mortgage Rates
- Sharing Your Credit Card Balances Can Lower Your Mortgage Rates
Michael Haigh has 20+ years of professional experience in the banking and mortgage industry. He has the knowledge, education, and dedication to get you the best loan for your situation, answer your questions honestly and completely, and make your mortgaging experience a pleasure. His reputation includes being the number one lender in the country for CitiBank for 9 years, then at Chase for 1 year and now with WJ Bradley since August of 2009. This is because of the quantity of loans, myriad of people he's helped, and his dedication to helping his clients find the perfect loan for them.
