Free Credit Score
You can check your credit score for free at GoFreeCredit.com. The site provides a free latest credit score by TransUnion. You’ll also get a free 3-in-1 Credit Monitoring Trial with Equifax, Experian, and TransUnion if you are concerned about identity theft or are anticipating applying for a loan soon. Simply cancel before the free trial period is over if you no longer want credit monitoring.
I highly recommend everybody check their credit score at least once every 6 months. I have had numerous errors over the years which have negatively hurt my score. Studies show that 30% of all credit reports are wrong! One time, I had some delinquent payment due to a $8 utility bill that I owed after moving out of a rental which I had no idea. That delinquent bill dragged down my credit score by 100 points and almost cost me $20,000 in mortgage refinance savings over 5 years!
Good credit is essential for student loans, auto financing, credit card rates, and getting the lowest mortgage possible. The difference could be in the hundreds of thousands over the life of a loan. Furthermore, it is shocking to find out that the average credit score for a rejected mortgage application is 729. Banks have become very stringent with mortgage loans and refinancing, which is why you need to know your score in order to improve your score.
BENEFITS OF CHECKING YOUR CREDIT FREQUENTLY
* Protect against credit and identity theft.
* To make sure you don’t have an errors on your report which unfairly hurt your credit.
* Shows whether you have any liens on your credit which prevent you from getting a loan.
* Prepares you for what you need to do to improve your credit.
* Prevents you from wasting time during a mortgage application process which might not go through.
* Gives you bargaining power when taking out a car loan or a loan for any other high ticket merchandise.
Note: Offer is good for US consumers only.
Mortgage rates are at historical lows and it behooves you to at least check what the latest rates are if you have not refinanced in the past six months. In the fall of 2011, I refinanced my jumbo 5/1 ARM at 3.625% down to 3.125% with no fees or cash outlay. I thought I was set for another 5 years until I checked again at the end of April, 2012 when the 10-year yield dropped to 1.85% from 2.1%. To my surprise, I discovered I could refinance again just 5 months later for only 2.625%.
If I had not checked the latest mortgage rates on Quicken Loans, I would have paid another $300 a month in interest for the next 60 months equaling $18,000 in unnecessary expenses. I always check Quicken Loans because they offer some of the lowest rates around given they are online based and don’t have costly overhead like. As a result, their savings is passed onto you. The rate quote is no obligation and free. Quicken has one JD Power’s consumer satisfaction award for three years in a row 2010, 2011, and 2012.
Mortgage rates have been going down for over 30 years as you can tell by the chart. Chances are, if you have not refinanced recently, you could very well be leaving money on the table. If you are considering buying a home with a mortgage, I’d check with Quicken Loans as well. The Federal Reserve has really hurt savers. But, for those who have mortgages, the Fed has helped us lower the cost of our debt. The key is to TAKE ACTION!
RELEVANT MORTGAGE POSTS YOU SHOULD READ:
Home Mortgage Refinancing Tips For A Smarter You - Think like a bond trader and understand duration and inflation to get the lowest rate.
30-Year Fixed or Adjustable Rate Mortgage? - My bias is towards a shorter duration fixed loan. We are in a structurally low interest rate environment thanks to technology and the Federal Reservere’s policies of buying mortgage backed securities and explicitly stating they will keep the Fed Funds rate between 0-0.25% until 2015.
How Long Does It Take To Refinance A Mortgage Nowadays? - It took me over 100 days by going through a bricks and mortar bank on one of my mortgages. By refinancing online via Quicken Loans, I’ve found the process to be much more streamlined.
How Often Should You Refinance Your Primary Home Mortgage? - As often as it takes you to save money! Don’t let lack of knowledge, fear, or laziness prevent you from saving money in this historically lowest of interest rate environments!
Real Estate: My Favorite Investment Asset Class - Real estate is all about taking advantage of leverage, shielding your taxes, and owning a place you love to call home. After 10 years of owning one property and painlessly building up $450,000 worth of equity, I love real estate for the long term.
Recommended product due to:
* A+ rating with Better Business Bureau
* Ranked highest in customer satisfaction for primary mortgage origination by J.D. Power Associates for the past two years
* Make sure to double check if there is an application fee or not.
Note: Offer is good for US consumers only.