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Credit score requirements for loans are higher than they have been in the past, so a good credit score is more crucial than ever. In today's economy most lenders are looking for credit scores of 720 or higher to secure a low mortgage rate. Here are seven ways to build up your credit score so you can enjoy the best interest rates available. . Request your credit reports and assess the situation. Credit bureaus (www.experian.com, www.transusion.com, www.equifax.com) are required to provide you with a free credit report every year. Nationwide consumer reporting companies get their information from different sources, the data in your report from one company may not reflect the same data in your reports from the other two companies, so request all three. • Check to verify all of the information is correct. If there are any errors, contact the bureaus immediately. • Your payment history accounts for 35% of your score, so make sure payments are on time every month. • The amount owed is...
If you've been thinking about buying, applying for a new home loan or refinancing your current one, get a move on it. Rising home prices combined with record-low rates are both reasons why 2013 will be a great year for managing your mortgage. Below, Michael Litzner, Broker of Century 21 American Homes offers seven tips to take into account, whether you're a new buyer or simply working to be mortgage-free. Buy now If you're on the fence about buying, but your finances are up to snuff, then take the plunge and buy. Home prices are rising, and will continue to rise in 2013 and beyond. Litzner suggests you buy now when homes are still priced low, and take advantage of low mortgage rates. Refinance now Mortgage rates are at all-time lows, and will remain that way for the first few months of 2013, so if you're thinking about refinancing, do it now. "Changes were made to the Home Affordable Refinance Program to allow homeowners to refinance, regardless...
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