Boosting My Credit Score to Get a Good Home Loan Interest Rate

Boosting your credit score to receive a good interestsure you begin the credit improvement process well in
rate is well worth the effort, mainly due to the amountadvance of home shopping. Most people don't realize
of monthly savings that is realized through a strongerthey may need to boost their scores to get the rate
credit score. When it comes time for lenders tothey want but the unfortunate part is that they don't
approve your home loan they have a chart they lookhave enough time due to the time it takes to boost
at, and on that chart there is a credit score range andtheir scores.
a corresponding interest rate right beside the range.In order to dispute negative accounts on your report,
The higher the credit score, the lower the interest ratethe process involves you writing letters to the
on the chart. For example a score range betweenagencies, they would then need to conduct an
660-720 may have a corresponding interest rate ofinvestigation of your dispute with the creditor which
6.5% for a 30-year fixed interest rate and 720-800can take anywhere from thirty to sixty days.
may also have a rate of 5.5% for the same 30-yearThe good part is that they have thirty days by law to
fixed interest rate. Assuming the home was being soldconclude their investigation and report their findings
for $200,000 the person that receives the interest rateback to you. If they cannot complete it in thirty days
of 6.5% would be paying $1264.14 on a monthly basisthe negative information needs to automatically be
while the person that receives the rate of 5.5% woulddeleted from your report. Each dispute should be sent
be paying $1135.58.to them separately so if you have multiple disputes
Over the course of 30-years you are talkingyou are looking at a timeline of at least a couple of
thousands of dollars in savings. The first step to boostmonths.
your scores to get a good interest rate is to make