Lakeland mortgage borrowers who have been turned down for home loans due to low credit scores know very well that importance of a good credit score is rising. Not only are credit scores important in determining whether you will be approved for a mortgage, they also play a huge role in determining how high or low your interest rate will be once you are approved. In short, higher credit scores get you lower rates.
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 protect Lakeland mortgage borrowers 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.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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In addition to protecting your personal credit rating, careful credit
report monitoring is essential. Sadly, millions of people become a victim
of identity theft each year. Proving identity theft is difficult. Thus,
victims often have to live with the effects of having their identity
stolen.