Trying to land a decent deal on mortgage rates has always been something of a sport with a distinct strategy involved and the very real possibility of breaking a sweat to say the very least. Credit report these days have a greater baring than ever on the mortgage rate a borrower is likely to be offered, and there are a number of points of advice once again being offered for those looking to secure the best deal possible.
Checking out your own credit report is of course important, which should if possible be done via all three major credit record agencies. Ideally, this should be done at least a year before looking for a new mortgage in order to sort any disputes or problems, but even checking at the last minute is better than not at all.
Try to limit the amount of credit being applied for around the time of looking for the mortgage, as it is something of a little-known fact that all credit applications have the potential to see credit ratings temporarily lowered and mortgage rates increased as a result.
The amount of money currently owed on credit cards can also have a significant impact on mortgage rates, therefore if at all possible it may be worth paying a good chunk off before hunting a mortgage. In some cases, up to 30% of the overall credit score is determined by outstanding credit card balances.