The mortgage rate you pay, whether you're shopping for a new home or looking to refinance your existing mortgage, is almost entirely based on your credit score. Otherwise, it refinancing mortgage just be a matter mortgage refinancing how much the lender can get away with charging you without you noticing.
Today, after the mortgage and credit crisis, banks are being pressured to be more cautious with who they approve for mortgages. That means your credit score is even more important than it used to be. In the past a score around a 680 would allow you to get very competitive rates. Today, however, a 760 credit score may not even qualify to get approved for a loan.
Stop and ask yourself a question. When was the last time you checked your credit score. If you haven't reviewed this information in a while, you may be surprised to see some big changes. That's because the credit rating system recently went through some changes in the way that it calculates your score. Some of those changes hurt some people while it helped other people increase their score.
Knowing this information before you try to secure a new mortgage may not only save you some embarrassment, but it can help you get better rates. By knowing where you stand on the credit scoring scale and compare to the national average, you can protect yourself from getting ripped off by high interest rates. While one or two percentage points in your interest mortgage may not seem like a lot of money, it could add up to hundreds of thousands of dollars over the course of your mortgage. Just because banks are being stricter doesn't mean you have to get robbed clean.
See how your personal credit score compares to everyone else.
Look it up for free at at http://www.thecreditfix.info
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