There are a number of factors that affect getting approved for a mortgage the interest rate of the loan. One of the biggest factors in the actual interest rate, is your credit score. The higher the credit score the better in terms of the interest rate and consequently the monthly payments to be made for your mortgage.
A credit score is a number that generally indicates your ability to meet your financial payments. It’s based on your outstanding debt, payment history and other factors. Generally a tri-merge report is ordered with any new mortgage loan and they will use the middle score.
If you aren’t sure of your score, you can order an annual score for free at AnnualCreditReport.com. You can see if there are any errors and we can help with some recommendations to lower your score as well.
If you would like more information, please go to our website to schedule a free consultation.
