St Louis Mortgage Refinancing and Real Estate News –
News: There May Not Be Much Time Left for Low Rates
St. Louis Refinancing Group news team has reported how mortgage rates may not stay low much longer.
This means that time is running out for existing homeowners to do a mortgage refinancing or those looking to buy a home who still want a low interest rate.
This is not a scare tactic. Rates will be going up. It’s inevitable. But before you apply for a refinance loan, here are some tips to help improve your credit score.
It doesn’t take forever to raise your credit score. You can make a noticeable difference in as little as 30 to 45 days as Bankrate.com suggests.
Go to Quizzle.com and get a copy of your credit report. There is no charge for this and neither do they ask for your credit card!
Carefully go over every listed credit line to make sure all listed items are correct. Removing mistakes can and will make a big difference in your credit score.
You accomplish this by disputing incorrect credit entries. Start paying down your credit card balance and make sure your debt-to-credit ration is less than 20 percent.
And never, ever close any credit accounts before refinancing. This will drop your score since it also mean deleting all positive credit history.
On the flip side, it would be best for you to not open any new credit card accounts while applying for a new St. Louis mortgage loan.
This includes large purchases like a car which will throw your debt-to-income ratio out of whack. Don’t forget, credit inquiries will also lower your score.
The last thing you want to do is surprise your loan officer and make their job harder to do. A good client never does this and most professionals prefer to work with honest homeowners who only want to help the lending process.
And on the lighter side, we hope everyone enjoys Super Bowl XLIV between the Saints and the Colts!
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Here’s more information on the credit reports…
Tags: credit, credit cards, credit inquiries, credit report, credit score, interest rates, st louis lending, st louis mortgage, st louis mortgage news, st louis mortgage refinancing, st louis refinance, st louis refinancing
