Credit scoring companies refuse to fully disclose how they calculate your score; however, there are steps you can take to improve your credit score before mortgage refinancing. Credit scoring agencies simply put your information in their computer and out pops your credit score. Here are several tips to help you improve your credit score before mortgage refinancing and qualify for a better interest rate.
For $12.95 you can visit Fair Isaac’s consumer website at myfico.com and view your credit score generated from your Equifax credit report. Unfortunately, the number from myfico.com is not enough to fully assess the state of your credit. Mortgage lenders use scores from all three credit reporting agencies to gauge how much of a risk you are for lending. If your credit scores vary from one credit agency the next you could wind up paying a higher interest rate when mortgage refinancing.
What Should You Do About Your Credit Scores?
The best thing to do before mortgage refinancing is request copies of your credit reports from each of the three reporting agencies (Equifax, Experian, and Trans Union). You can get all three reports free once per year from annualcreditreport.com. Once you have your credit reports carefully review all three reports for errors. Any mistakes or negative information such as a judgment will significantly reduce your credit score. If you find mistakes in your credit reports you will need to dispute them with each credit reporting agency responsible for that error.
You can learn more about your mortgage options, including costly homeowner mistakes you need to avoid by registering for a free mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Video Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing - What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free mortgage refinance information guide today at: http://www.refiadvisor.com
Mortgage Refinance Information
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