If you’re considering taking advantage of today’s lowest mortgage rates from the best refinance companies like Amerisave, you might be disappointed to find that the quotes you’re offered are higher than what you see advertised on television. The most likely culprit when this happens is your credit score. Before applying for mortgage refinancing there are steps you can take to improve your credit score; however, you’ll want to read this article from MortgageLoan.com, dispelling several myths about improving your credit:
Having a good credit score is important, particularly if you’re planning to apply for a mortgage loan, a refinance or other type of consumer loan. But there’s a lot of confusion over just what affects you credit score. Paying your bills in a timely manner is the big one, obviously. But beyond that, things can get kind of murky. The following are seven of the more common misconceptions about consumer credit scores and the things that affect them.
Before submitting an application for mortgage refinancing it’s a good idea to visit the website AnnualCreditReport.com and print out all three copies of your credit reports. If you find mistakes in your credit report, each credit-reporting agency has a procedure for disputing the mistakes.
Keep in mind that the refinance mortgage rates you see advertised are based on having a credit score of 820 or better; your results will vary depending on your financial situation. You can learn more about getting today’s lowest mortgage rates without overpaying the loan origination fee or other closing costs by checking out my free Underground Mortgage Videos.