Improve Your Credit Score To Get Better Mortgage RatesComments Off on Improve Your Credit Score To Get Better Mortgage Rates
For home buyers in Lombard and nationwide, credit scores can change low mortgage rates and alter home loan approvals.
Borrowers with high credit scores get access to lower mortgage rates, for example, and can find the mortgage approval process to be more smooth that borrowers with low credit scores.
If your credit score is low, here are some basic ways to help improve it.
Get The Reports
Check For Errors
For items which are harming your score, such as a 30-day or 60-day mortgage late payments, medical collection items, and/or judgments, consider writing a brief letter which explains the circumstance of the derogatory credit event. Such a letter won’t help your score to improve, but it can help your lender to make better credit decisions, which can aid in “exceptions”, if required.
Making even minor changes to an overall credit profile can yield measurable long-term results. It can also result in lower mortgage rates.
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