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Archive: borrowers

9 Easy Ways to Improve Your Credit Score to Prepare for a Mortgage

mortgage-ratesCredit scores heavily influence the process for the mortgage application. A higher credit score can help you lock in lower interest rates and provide lower monthly mortgage payments, which can potentially save you tens of thousands of dollars over the life of a 30-year fixed rate mortgage. A good credit score represents your dependability as a borrower. They are utilized by mortgage lenders to calculate the riskiness of lending to a borrower. While low credit scores can jeopardize your qualification for a loan or lead to higher interest rates, high credit scores equate to lower risks for defaults on loans and lower interest rates.  As a result, the borrower can get more house (higher purchase price), or a lower monthly payment on a lower priced home. Because of credit scores’ influence on the interest rates set for borrowers, it’s valuable to look into improving it as much as possible before your mortgage application. You don’t want a low credit score to jeopardize your ability to take advantage of the current low interest rates in 2020. It's also important to know that the credit system isn’t perfect and may not reflect perfectly your willingness or ability to repay a debt.  

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How Borrowers Can Take Advantage of Record Low Interest Rates COVID-19

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Among speculation centered on long-term worries about the effects of COVID-19 shutdowns on the future of the United States economy, the Federal Reserve has committed to keeping interest rates low to encourage borrowing and stimulate the economy. Compared to last year (2019), mortgage rates are already remarkably lower, reaching below 3.3% for a conventional 30-year fixed mortgage. What does this mean for the mortgage industry and how can the average borrower actually benefit off of these record low mortgage rates?

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