Return to A-Z

Mortgages

Choosing a mortgage or a home equity line of credit can be confusing for consumers. The first step is to check your credit report and score. The amount of interest you will pay will be based on your credit score and information in your credit report. The lower your credit score is, the higher interest rate you will be charged.

• If there are errors on your credit report, get these taken care of and removed prior to applying for a loan.
• If there are legitimate problems with your credit, i.e., you've paid payments late or have a high amount of debt, take the time to raise your credit score by paying bills on time for several months or reduce your debt before applying for a loan. Doing this could save you thousands of dollars over the life of the loan.