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Your credit worthiness and score determines your mortgage interest rate. There are other factors that also affect your mortgage rate. Having a credit score under 699 is the reason why your mortgage rate isn’t as low as it could be. This magical credit score changes other things in your financial world such as your credit card APR.

When getting your home loan, be sure to see your credit report mortgage rate so that you get the best interest rate possible. Besides your FICO score, you also need to see if there are any errors on your credit report.

It also depends on the length of your loan that determines your interest rates. Generally the longer the term the less interest rate you will pay but the interest will add up for a longer period of time. Getting a home loan, the interest rate will also be determined by if you are living in the house or plan on renting it out right away. If you want to live in it for a few months and then rent it out, you may save some money.

You might as well get your annual free credit score online because it’s free anyway. You want to make sure that it is really free and that you don’t have to pay. I think it’s essential to make sure this part of your financial life is taken care of later down the line.

Be sure your lender spells out any fees that are hidden and you may not notice upfront. This may add to your overall cost of the loan. It’s probably more beneficial to get a fixed loan over the years rather than a variable loan. If I know I haven’t looked at my financial details in a while, I make sure I look at my free credit reports score at the same instance.