Top Ways to Lower Your Mortgage Payment
Published on Mar 29,2019
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A Good Credit Score Can Do a Lot For You
To reduce your mortgage rate, keep your credit score high because that's the roadmap to your creditworthiness when you are dealing with lenders. Though most financial institutions will never tell you what they are looking for when accessing you for a loan, there is always an exception. Here is how they analyze your credit score.
• Pay up if you are owing, 35% goes to your payment history.
• Another 30% goes to your credit utilization, so better keep your spending low.
• Always keep your payment history running because 15% goes to long credit history.
• Only open new credit accounts when necessary, 10% goes to the creation of new accounts.
• Mix your credit history with different types of payment, 10% goes to this aspect.