By Tim McLaughlin, Sr. Vice President, Weichert Financial
With the spring market upon us, and rates at historically low levels, both potential buyers and existing homeowners are looking for opportunities to acquire a new mortgage or refinance an existing one. One critical piece of information you need to know to get approved and to know where your interest rate will be priced is “what is your credit score”. Below are six simple tips in managing and getting insight:
– Don’t try to manage your score on a daily or weekly basis. If you wait for the full 30-day cycle, all your information will have updated and will be the best representation.
– If you want to purchase a home or car in the next year, look at your credit score now and make moves to improve it by paying off debt in a timely manner.
– Your credit reports may contain errors. If you contest something in your report, it freezes that information until a decision has been made.
– A foreclosure or bankruptcy filing will lower your score significantly and affect you for about seven to 10 years.
– A missed mortgage payment will set off alarms, especially if your payment history has been pristine until then, but a late credit-card payment can be more easily fixed by consecutive months of good payment behavior.
– Get pre-approved by your knowledgeable Weichert Financial Gold Servicers Manager to be ready to purchase that house of your dreams or refinance an existing one…we can help!