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

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.

Set up monitoring service to protect your FICO Score

Balance and protect your FICO score to make
sure you can make big purchases like real estate. 

With the halfway mark for 2012 nearly here, it’s time to think about your FICO Score and how your purchases in the first half of the year have affected it.  You can do this for free, though a once-a-year check may not be enough for those that are serious about improving or protecting their credit. The Equifax Finance Blog explains more ways to protect your credit in the article, “HaveYou Pulled Your Credit Report Yet?”

While you can get a free report once a year from each of the three credit reporting agencies, analysis and checking for mistakes is up to you. Even if you space your requests out to one agency every four months, you may want to keep a closer eye on your credit if you are considering a large purchase in the next year or two, like purchasing real estate.