Best Mortgage Rate – You Can Get Them With Ease!

We’ve found the secret to getting the best mortgage rate! The secret is having a good credit score. It’s as simple as this. If you’re able to impress your lenders with a pleasant credit score, they’ll want to give you the best deal. So, before you knock the doors of lenders, please take a look at your credit score.

A bad credit score is not only unpleasant to the eyes, but also repels the lenders. Who’d want to deal with someone who does not care about his or her credit history? The worse your credit score, the riskier you would be a client for the lenders. They would think ten times before quoting the current mortgage rate to you.

Knowing Your Credit Score

The first step that you need to take is request a copy of your credit report from one of the three major credit bureaus – TransUnion, Experian, and Equifax. They are obliged to send you a free copy. You can even get your report through the internet.

Why credit report? Well, it’ll answer your queries about credit score, your debt balance, and untapped credit lines; plus the position of your credit card accounts and loans. Your credit score should lie between 300 and 850. Lesser than this, and you get a squirmy look from your lenders. Those having a credit score of above 700 can rejoice. This is the score that attracts the best rate!

Alas! Not all have such a score to celebrate. A majority of the people have scores between 100 and 650. Forget second mortgage rate, they’re not able to get the best mortgage rate for the first loan. Don’t lose heart. You can do something about your poor credit score.

But what? Increase it! How?
Read on…

Improving Your Credit Score

Improving credit score doesn’t mean completely getting rid of debts. Oh, yes; but, you could very well do away with those credit cards! Stick to just one card. Follow this rule like the Bible. Only then can you achieve your target of good credit score. The catch is to build your credibility as a payer. This increases your chances of getting a loan with good rates.

Pay your monthly payments on time and regularly. Keep light balances on your credit card. Gradually, you’ll notice an increase in your credit score. Best mortgage rates would soon be your right to get.

Good credit holders also have the advantage of adjustable mortgage rate. See, how important credit score is! If you’ve been spending lavishly on your credit cards, it’s time to start working towards improving your credits. Only then can you achieve the best mortgage rate.