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Quick Tips : Boost Your Credit Score For Better Mortgage Rates

By Payam Bakhaje

Real Estate Agent with DC Realty Online LLC

February 09, 2012 03:09 AM

Credit scores play a huge role in today’s mortgage market — larger than at any time in recent history. Blame it on the high default rates of the last half-decade. Lenders are reserving their lowest rates for the customers most likely to make on-time repayments.

Mortgage rates are at an all-time low. However, the low rates you see advertised on TV and online are only available to the home buyers and would-be refinancers whose credit scores are pristine. Having a high credit score is often the difference between getting “the best rates” from your lender, and getting something worse.

The first part of improving your credit score is understanding how it works. In this 5-minute piece from NBC’s The Today Show, you’ll learn the basics :

Why you shouldn’t close a credit card after you pay off a large debt
What is the maximize balance to leave on your credit cards, relative to your credit limit
What types of credit checks harm your credit scores, and which ones don’t

You’ll also learn how to shop for a mortgage with multiple lenders without having your credit score “dinged”, as well as several proven methods to raise your credit score quickly.

In the end, good credit scores are the result of paying bills on time and staying with your means. Those with the best scores, get the best rates.

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Edward & Celia Maddox

The Celtic Connection Realty - Queen Creek, AZ

EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Some good credit tips to pass on. Thanks for sharing.

Feb 09, 2012 03:24 AM

Winston Heverly

Coldwell Banker Access Realty - South Macon, GA

GRI, ABR, SFR, CDPE, CIAS, PA

Thanks Payam, a lot of good information here by visiting your website.

Feb 09, 2012 03:41 AM

Dave Sullivan

Real Estate One - Birmingham, MI

Michigan Realtor with an investor viewpoint

good info and is the seo of what you are doing above paying off?

Mar 26, 2013 11:20 AM

Quick Tips : Boost Your Credit Score For Better Mortgage Rates

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Payam Bakhaje

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