Secure Low Interest Rates With High Credit Scores

Atlanta real estate mortgages (and mortgages across the country) currently offer amazingly low interest rates. If you need to refinance your home, now is the perfect time to do so. However, taking advantage of the times requires good credit, as a recent post on the FreeScore blog explains.

In “A High Score Equals a Low Rate, So Refinance Before It’s Too Late,” the financial experts at FreeScore show readers the value of proper timing when it comes to refinancing. No matter what your reasons for refinancing may be, it is important to complete the process before missing a payment.

According to an article in the New York Times, missing even one mortgage payment by 30 days can drastically hurt your credit scores. Your scores can also be negatively impacted by loan modifications, short sales and foreclosures. Not only can this prevent you from securing a low interest rate, but it can also hurt your search for a car or even a job.

The New York Times article also outlines a FICO study that examines the effects of late mortgage payments on people a spotless record (780), slightly tarnished record (720) or average record (680):

While one missed payment might not seem like a serious issue, it can do more damage than you think. To ensure that you can receive the best interest rates when refinancing your home, be sure and check your three credit scores. You can go to FreeScore.com and receive the Power of 3. You’ll gain access to your three credit scores, 24/7 credit monitoring and credit alerts from the three major credit bureaus. With this information, you’ll be able to take advantage of lower-than-ever interest rates on Atlanta real estate and keep your credit scores in top form.

For more news affecting Atlanta real estate, visit Atlanta Real Estate Forum.