Thursday, July 26, 2012

Are You Getting the Best Loan Rates on Your New Home?

Find out what is lowering your FICO Score
Recent reforms allow you to find out what is lowering
your FICO Score so you can fix it and get better loans.

Are you getting the best rate when it comes time to secure financing for your new home or condo? While simply being able to get financing requires a good FICO score, your credit score being lower than optimal will carry additional cost in interest rates. The Equifax Finance Blog explains in the article, “Are You Receiving the Best Interest Rates on Your Loans?

Until recently, your lender didn’t have to let you know why you weren’t receiving the best rates. Thankfully, recent financial law reforms have changed that. Lenders are required to give you notice as to why you didn’t qualify for better rates.

This notice is a great way to get highlights of what is wrong on your credit report, and it can easily help you find errors. If you can find and fix these errors, your score will increase. Then, you can qualify for a better interest rate without changing your financial habits. If these are the cost of more deep-seated problems, it’s time to examine your financial lifestyle and change your ways.

For more personal finance advice, bookmark the Equifax Finance Blog and check in often for a growing wealth of expert opinions.

No comments: