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Mortgage Pre Approval Getting Pre Approved For A Home Loan Online
By Carrie Reeder
A pre-approved mortgage is a must in a competitive housing market. It also gives you an idea of what you can afford to buy as you look at houses. Online home loan lenders allow you to compare Read more...
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Refinancing lenders seems to hold all the cards. They have the money and their own system for determining which type of credit you can qualify for. What lenders don’t want you to know is that you can improve your credit rating in a matter of days. Good Credit Factors Good credit does not mean perfect credit. People assume a 30 day late payment means poor credit. Not true. You can still have good credit score if you have two 30 day late payments on a credit card or one 30 day late payment on a car loan within the last three years. After three years, the payment history will drop off your credit report. While you don’t want too much debt when applying to refinance, having a credit card can help your credit score. Have at least one credit card and make regular payments on it. If you are worried about the interest charges, pay off the balance every month. Those regular payments establish your credit payment history, a large factor in determining rates. Ways To Boost Your Credit Rating Besides paying your bills on time, there are some quick ways to raise your credit score. First off, close any open credit card accounts that you don’t use. The less available credit you use, the better rates you can receive with mortgage lenders. Second, include a note in your credit history explaining the situation for any late bills, foreclosures, or bankruptcy. Lenders will offer lower interest rates if the reasons were due to extenuating circumstances. Lastly, check your credit report for errors. Creditors and credit reporting agencies make mistakes. Their mistakes can cost you thousands in interest charges, so get a copy of your credit report and read through it carefully. If you find a mistake, contact the creditor to have 
Home Loan Refinancing What Lenders Don't Want You To Know
By Carrie Reeder
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