7 Ways To Protect Your Credit Score For Better Mortgage Rates

Comments(0) By •February 5th, 2010

As mortgage lenders tighten approval standards   in California 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.

No related posts.

Filed Under: credit scoring
Email Email | Print Print
Be Sociable, Share!
     

    Leave a Comment

    « | Home | »

    About The Danville Mortgage Blog

    The Danville Mortage Blog is your premier source for information on Danville real estate, home loans in Danville, general mortgage knowledge, real estate market updates and Danville community information. On top of all this, you will find leading Danville real estate agents showcased, making your selection of a real estate agent easier.

    For Danville real estate agents, you'll find valuable tips on how to take your real estate business to the next level. We're also a wonderful place to keep up on the ever changing mortgage industry.

    Mike Miller

    • 395 Hartz Avenue, Danville, CA 94526

    Prospect Mortgage Equal Housing Lender

    Bank of Commerce Mortgage is an equal housing lender. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. Terms and conditions apply. HUD Approved FHA Lender. NMLS ID #1839. Lending available in California Dept. of Real Estate Broker #01218426. The opinions expressed herein are not necessarily those of Bank of Commerce Mortgage or its affiliates.