How To Lower Your Mortgage Payment
- By
Julia Austin
Source: jayk7 / Getty
Improve your credit score
Your credit score is one of the biggest driving factors of the rate you’ll pay. Lenders decide on rates based on certain tiers of credit scores. They don’t look exactly like this but, a common breakdown includes those with a credit score of 740 and above getting the best possible rate, those with a score in the mid 600s up to 740 getting the next best rate, and so on. You can get a sense of the breakdown here. Improving your credit score is a free thing you can do to improve the rate a lender gives you. So if you can afford to pay down credit card debts, or a family member can add you to a credit card with a high limit and low usage, you might improve your credit.
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