Improve Your Credit Score

Even if you have a good credit score improving it can often save you money in the end. Indeed, a decent score can be improved with some easy steps that in the end will improve the rates you receive not only on home mortgages but on car loans as well.

• Don't fill out applications with too many lenders this can have an unfavorable impact on your FICO score. Some lenders won't mention this until it is too late.
• Keep your credit card balances low. Carrying a large balance can be a big drag on your score.
• Closing credit accounts doesn't help scores necessarily, but paying them down does.
• Check your report to see if there are any outstanding, unpaid or disputed marks that need to be addressed.

The Free Market Is Your Friend

Mortgage lending is very competitive so make sure you use this to your advantage. Home mortgage lenders will fight for your business if given the chance. Primarily what you'll want to do is get a number of rate quotes from established lenders and make sure your sales representatives understand that you are shopping around. This is less of a concern when using a website that delivers multiple quotes from a number of preferred lenders. Although you may still want to employ your Internet retrieved quotes in your pricing of brick and mortar lenders.

Less seasoned lenders should probably be avoided, don't let the inexperienced practice with your families biggest investment. Well-established lending institutions and mortgage brokers have the contacts and experience to do a much better job for you. Even on the Internet you will want to stick with companies that come highly recommended. Remember, anyone can build a website but not everyone can build a good reputation.