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Lenders to Start Disclosing When Credit Score Affects Rate Quote

(12/22/2010) Starting January 1, lenders will be required to provide a disclosure that alerts consumers if negative information on their credit affected the rate quote they received. Consumers can use these alerts as a way to double check whether or not it would be a smart idea to pursue their mortgage to fruition. If there are errors or inaccuracies on your credit report, it might be smarter to correct them so that you can qualify for a lower interest rate.

Online rate tables provide an easy and efficient way for those with great credit to shop for the best rates on their mortgage. Homebuyers should always keep an eye out for attractive rates while looking for a home. Just like shopping for a home, it may take a little bit of time to find the best deal, but it will be well worth it in the end.

Rates are currently on the rise, but there are plenty of low rates being offered. By comparison rate shopping, you can save hundreds of dollars a month and thousands over the term of the loan by finding the lowest possible rate. This can also apply to those who are looking into refinancing a current home loan.

Other Articles:

Higher market risk-based mortgage fees coming

Look Online for the Best Local Mortgage Rates

Site to See: Federal Reserve's 'Credit Reports and Credit Scores'

Debunking credit score myths

Fannie Mae & Jumbo Mortgage Rates

Just One Click! = Current Rate Chart

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