The Mortgage Minute Blog - Peter Grimm

As mortgage lenders tighten approval standards in Connecticut and across the country, the importance of a good credit score is rising. Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.

In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit often by accident.  Some of the highlighted mistakes include:

• Closing open credit cards
• Making appliance buys on credit prior to closing
• Asking creditors to lower credit balances prior to closing

In general, a 740 FICO will insulate a borrower from the higher costs, and or rates associated with low credit scores. Watch the video and apply what you can to your own situation.  The more you know, the more you can save.