In today’s mortgage market, your credit score is going to dictate everything from your down payment requirements, to your rate and your closing costs. You can not put enough stress on the importance of your credit score. Borrowers with lower credit scores are going to have limited options for their mortgage, and often times will pay higher interest rates on account of this.
The best thing you can do is have your credit pulled as soon as you are thinking of buying a house. There are several reasons for this, there may be information on your credit report that is not accurate or being misreported, and this may be damaging your score. It is best to address any issue similar to this and be able to increase your score and get yourself a better rate.
At Mortgage Corp East, we utilize a quick score program, where we can analyze your credit report and tell you if there is anything that can be fixed, paid down, etc in order to immediately boost your credit score. We often do this with numerous borrowers and the end result is a better rate for the client.
With the mortgage landscape these days being extremely credit sensitive, you can save yourself a significant amount of money both up front and over the long term if you are proactive in your approach to the credit piece of your mortgage application.
The best way to monitor your credit score is to consult directly with your loan officer. Certain website may not be reporting the same information that will be seen on your mortgage credit report so it is best to be proactive and eliminate any surprises.
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