If you’re searching for the lowest daily mortgage rates there are several things you’ll want to know about the quotes you find online. You might be disappointed to find the daily mortgage rates you’re being quoted are higher than what lenders are advertising. Here are several tips to help you get the lowest daily mortgage rates without unnecessary markup or lender junk fees.
Daily Mortgage Rates Online
The rates lenders advertise make several assumptions about your credit and finances. They assume you have a credit score of 720 or better and a favorable loan-to-value ratio when publishing their daily mortgage rates. Your results will vary based on your FICO score and personal situation. Here’s a chart to illustrate how your credit affects daily mortgage rates when refinancing and the total amount you’re paying out for your home over time.
You can improve the daily mortgage rates lenders are quoting you by doing a little housekeeping with your credit reports before applying for mortgage refinancing. There are three credit agencies responsible for maintaining your credit reports and they’re not very good at sharing information and are prone to errors. These credit agencies (Equifax, Experian, and TransUnion) are required by law to give you a free copy of your credit report once per year. You can download your credit reports by visiting the website annualcreditreport.com.
Before you start shopping for mortgage refinancing it’s important to print out all three credit reports and carefully review them for mistakes. If you find errors in your credit you’ll need to dispute the mistakes with each credit bureau. Here is the contact information you need for disputing errors in your credit reports:
How to Dispute Credit Report Errors
Experian®
To dispute information on your Experian Credit Report, you can contact Experian online.
Equifax®
To dispute information on your Equifax Credit Report, you can contact the bureau by postal mail:
Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374-0256
Transunion®
To dispute information on your TransUnion Credit Report, you can contact the bureau by postal mail:
TransUnion Customer Relations
P.O. Box 1000
Chester, PA 19022
If you find mistakes in your credit reports you’ll want to allow enough time for the corrections to be made and reflected in your credit scores. This can take anywhere from sixty to ninety days depending on the credit bureau in question.
Once you’re sure your credit reports are correct there are other steps you can take to boost your credit scores before applying for mortgage refinancing. First, try to pay down the balances on your credit cards as much as possible but do not close the accounts. Second, avoid opening new accounts for at least ninety days before shopping for the lowest daily mortgage rates. These two tips alone can boost your credit score by as much as twenty points or more depending on your finances.
Mortgage Refinance Rate Shopping
When you’re ready to shop for daily mortgage rates what’s the best way to get started? Should you collect Good Faith Estimates from as many lenders as possible or concentrate your efforts on finding the right person to arrange your mortgage refinancing? Chances are your neighbors approached shopping for daily mortgage rates by collecting Good Faith Estimates into the wee hours of the morning, and while they may have gotten low refinance rates this way they paid unnecessary points and junk fees in the process.
The best strategy for finding the lowest daily mortgage rates is to find the right person to arrange your mortgage refi; find the right broker and you’ll also avoid paying points and unnecessary fees closing on your new home loan.
Click Here to Get Started
You can learn more about finding today’s lowest daily mortgage rates without paying unnecessary points or junk fees by checking out my free Underground Mortgage Videos.
- Free Underground Mortgage Videos
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
