Know Your Mortgage Credit Score – Check it For Free and Reduce Your Down Payment
Your mortgage credit score has become a critical part of the buying process. In order to get the best possible rates on your mortgage or refinance, it is necessary you know this information early on. By checking your score online for free, you’ll now exactly where you stand on the credit score scale and what loan you can expect to get approved for.
With your mortgage credit score, you’ll have a good idea how much money you can get approved for, what your interest rate will be, and how much your monthly bills will run you. That means you’ll know exactly how much home you can afford to buy.
More importantly, you’ll know if your score is good enough to avoid paying points and premium mortgage insurance on your home loan. These fees are tacked on to your mortgage simply for having a score that is lower than preferred than your lender.
By checking your mortgage credit score online for free, you can see if you will have to come up with more money at closing to pay for mortgage insurance. If your score is not where you hoped, there are a number of things you can do to quickly increase your rating before your lender ever has a chance to see it.
By accessing your mortgage rating, you’ll be able to see the areas that need improvement and can quickly figure out how to raise that score in order to get the best possible rate. It takes 45 seconds to access your personal information, but it can provide incredible value for what may be the biggest purchase of your life.