Not to beat a dead horse here or anything, but you should know by now that mortgage rates are crazy low. They’re not at record lows like they were last month, but they are still insanely low given how high they were last year at this time. Combine low mortgage rates with home affordability being slightly lower than the record set last quarter, and you’ll be surprised with some of the numbers you can find.
It’s no secret that credit is a very important part of qualifying for a mortgage.
In fact, for the most part, there are four things that will dictate if you qualify for a mortgage and how much mortgage you qualify for: credit, income, assets and debt.
It’s pretty simple: the higher your credit score, the lower your mortgage rate. Lower mortgage rates translate to lower interest payments. So the higher your credit score, the less interest you’ll pay on your mortgage. In other words, a higher credit score will save you money.
That’s why we created our latest guide, Understanding and Managing Credit 101, as part of our Zing Education Series. We want to provide you with the information and tools you’ll need to keep great credit and qualify for the best possible mortgage rates.
Understanding and Managing Credit 101
Our goal with this new guide is to make sure you are familiar with all the basics around credit and know what to do to keep your credit excellent or improve it, based on your financial situation. We included the following sections in our guide:
- Credit 101: A Crash Course in Understanding Credit
- Report Cards Are In: Credit Reports Are the Financial Report Card for Adults
- Making the Grade: What Determines Your Credit Score?
- Your Credit Score Study Guide: 10 Ways to Give Your Credit Score a Boost
- The Importance of Good Study Habits: Changing Your Lifestyle Can Drastically Change Your Financial Situation
- Getting the Grade You Deserve: How to Clear Up Credit Report Inaccuracies
- What to Do When Someone Steals Your Personal Information
- Debt Danger Signs That Can Guide You Back on Track
- Twenty-Five Suggestions for Trimming Your Budget
- Never Stop Learning: Count on Quicken Loans for Life
- Contacts at a Glance
You can view the guide below as a SlideShare or download and print out a PDF version of Understanding and Managing Credit 101.