How's your credit score? Know it, fix it, it will affect mortgage rate! read on!

Do you even know what it is?  Is it good enough? What is good enough? Do you care? Should you? Should your customer/client?

SURE! We should all care.  I recently checked mine on www.freecreditreport.com.  I was shocked at what it said...it was 10 year's old in my work experience...actually 15 years.  There was lot's of information missing...lot's of good info.

That being said...many borrower's are finding issues with their credit scores, once a mortgage broker pull's credit.  Many have no idea what is on the report, and many have disputes.

A credit report is necessary in order to apply for a mortgage.  The mortgage broker has to pull a credit report in order to take application for a mortgage loan.

In today's market, borrowers must have credit scoreds of at least 720 and often as high as 750 to qualify for the best mortgages and credit cards.  Same with car loans.  G*D forbid they buy a new car before they try and buy a new home, condo, town home...

Only a third of the formula that makes you credit score is whether or not you pay bills when they are due...

If you want a great loan, pay off your credit cards. Don't use them for 60 day's prior to applying for a mortgage,  loan application, or a new credit card. Don't apply for store credit, just to get that 10% discount, they will hit your credit scores...is it worth the savings? Probably not.

If you are interested in buying a new home, condo, or a town home, take the time to check your credit score.  Read what it say's and take the time to correct anything that is wrong. Note that it takes about 3 month's for these correction's to show up on your scores. 

Being proactive can and will enable you to get better interest rates. Remember, your payment history is only 35% of your credit score.  The available credit you have used is worth 30%.  The length of time you have had the credit is worth another 15%.   They types of credit you use is worth is  worth 10%  and every new credit application is worth 10%.

Take the time to do this PRIOR to applying for a mortgage, it can save you lot's of money in the long run.

http://www.karenmonsour.com, 954-464-4194 cell.