by Roger Hanna
Whether you are refinancing your mortgage or applying for a new one, it is possible for you to qualify for a lower and better interest rate. Here is some information and things to do to help you qualify for a lower rate.
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.
Up to 80% - that's four fifths - of credit reports have some discrepancies or inaccurate information, say financial experts. That is why it is still important for you to do your part in ensuring your credit reports remain accurate. The credit reporting agencies are required to submit any errors reported to the creditor or lender concerned with the dispute. Now if the creditor believes the information to be accurate, your next course of action would be to go to the creditor to settle the dispute.
After the often long and arduous process of verifying your credit info is through, your next step is to focus on your repayment history. Do not chase a lower interest rate if your payment history isn't that good at all to begin with. Before refinancing an existing mortgage, or taking out a new mortgage or home equity loan, make sure you have no late credit card payments for at least six months.
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. - 41115
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New Unique Article!
Title: Monitoring Your Credit Report Could Help You Save On Interest
Author: Roger Hanna
Email: uaw@commercepublishing.com
Keywords: Finance,Credit,Money
Word Count: 423
Category: Finance:Credit
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