7 Ways To Protect Your Credit Score For Better Colorado Mortgage Rates

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Mortgage and Lending with First Time Home Buyer, Mortgage Rates, Pre-Approval NMLS 243370
As Colorado mortgage lenders tighten approval standards in Colorado and nationwide, the importance of a good credit score is rising. Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate. In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit -- often by accident. Some of the highlighted mistakes include:
  • Closing open credit cards
  • Making appliance buys on credit prior to closing
  • Asking creditors to lower credit balances prior to closing
In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores. Below 740, though, every 20 points adds to the damage. Watch the video and apply what you can to your own situation. The more you know, the more you can save.
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Ben Yost
Senior Loan Consultant

NMLS#   243370  LMB#  100023031

New American Funding
5299 DTC Blvd. Suite 300

Greenwood Village, CO 80111

 

Cell:     303.587.4297

Direct:  303.731.4718

Office:  877.884.3452 x4643
Fax:      303.889.5229
Email: 
ben.yost@nafinc.com
Web:  
www.newamericanagent.com/Benyost

 

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