Credit Ratings May Increase Mortgage Rates - for everyone!

posted Feb 25, 2010, 10:38 AM by Credit Detailer

COMPARE MORTGAGE INTEREST RATES TODAY – LOW CREDIT SCORE CAN HURT LOAN RATES

Many Americans look to compare mortgage interest rates each and every day. If you are looking to compare mortgage interest rates today then there are many free resources available. It is very important to note that having a lowcredit score can greatly hurt your loan rates.

Almost every single bank in America will allow you to get a preapproval on amortgage rate through their website or over the telephone. It is very important to understand that this preapproval is just an estimate of the mortgage rate you will qualify for. You must go through the application process to get a 100% accurate rate quote.

Most of the mortgage rates you see advertised online are just an estimate of the conventional mortgage rate at the present time. Many of you have probably seen 30 year fixed mortgage rates advertised for 4.75% or 5%. Once again, this is just an estimate based on the average mortgage rate today.

It might be a wise decision to contact several lenders so you can compare mortgage interest rates from different banks. As a whole, you are going to find you qualify for a mortgage rate generally in the same range. Your credit scorewill greatly determine your mortgage rate and know that a low credit score could hurt your overall loan rate.

Author: Alan Lake
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