For many consumers who are looking for the best mortgage rates the first step should be to find out exactly where they are in the credit world. Nothing can be more disappointing than spending hours shopping for the best prime interest rates only to discover that you do not or will not qualify for those loans. To avoid disappointment, start with learning about your own credit and then move on from there.
The first step to learning more about your own credit is to order a copy of your credit record from three reporting agencies. Take a good look at each report and if there are mistakes or omissions on any of them notify the reporting agency and ask that your record be corrected. If your reports are accurate, get your current credit score.
Once you know what your credit score is and how your credit report reads in general, you can begin to shop for the best mortgage rates that you can qualify for. The Internet allows you to do this quickly and easily, but you can also investigate offline banks and mortgage lenders as well.
In order to know if the interest rates and types of home loans that you qualify for are good or not, you need to first know what a prime...