Get A Better Interest Rate On Your Mortgage
If you're satisfied with your current interest rate
, you could go even better if you're trying to refinance a pre-existing mortgage you already have. Improving your mortgage interest rate can be done by following the advice below.
Your credit rating is the number one determinant when calculating your interest rate. Give your credit a fine tuning about six months before applying for a mortgage, just like you'd tune up your car before buying new parts. If you find an error on your credit report, the Fair Credit Reporting Act (FCRA) allows you to dispute those errors.
Keep your credit updated by requesting the latest reports. There are three credit agencies in the USA, and each of them are mandated by law to release the latest credit reports to Americans once a year, free of charge. The three credit reporting agencies are Experian, Equifax and Trans Union. The website annualcreditreport.com allows you to request these free credit reports.
Look carefully on your reports for errors, and if any, don't hesitate to dispute them. From the time you report the discrepancy, wait a month for the credit reporting agency to investigate the issue. If the credit agency, after thirty days, still cannot verify the accuracy of the information, it would then be deleted from your record.
Some circles in the financial industry believe that a large number of credit records maintained contain inaccurate credit information. But it would still be your responsibility to ensure your credit reports' accuracy. Once you spot an error, the three credit agencies would then forward your claim to the disputed creditor. Like other disputes, there is no guarantee of success, which means you may need to course any further action to the creditor should they see no cause for the information to be disputed.
The next thing to do after verifying your credit accuracy is to make sure your payment history is in order and as good as possible. Anyone seeking a lower interest rate needs to have an immaculate payment history. You will need to pay all your bills on time for at least six months before applying for a mortgage or home equity loan.
Your repayment history and credit information plays a very large part in determining your overall credit score. Just dispute information if needed and do your best to pay on time in order to get a better FICO score and a lower interest rate for your mortgage.
by: Roger Hanna
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