Your Credit Rating

Good credit can lower your mortgage interest rates, potentially saving you hundreds of dollar a month. Order a credit report (usually free online or available through your local loan officer, or ask your Soria Real Estate Agent to help!). You can dispute any mistakes, but the most important thing is to build up good credit from here out.

Lenders want clients who can pay bills on time and who do not owe too much to anybody else. Automated bill-paying services help. Stop applying for credit cards just for a free T-shirt, savings on your bill (apply for store credit card & get 20% off your bill – say NO) or shuffling your debt around. Consider closing some of your accounts, but that’s tricky. Maxine Sweet, Vice President of public education at Experian, says lenders don’t want to you to owe near your limit, which can happen if you consolidate to one card. Your score can dip temporarily when you make any big change — even for the better– so work on your credit long before you seek a mortgage.

Your lender can also help you with credit and can check your credit score.