How to Get your Credit Score

"Hi, this is Jim DiVietri from Alight Home Mortgage in Lansing, Michigan on behalf of Expert Village. The main object of the coordination between obtaining a mortgage, an equity cash line, refinancing and your credit report is to obtain a lower interest rate. That's what this gets down to when you have a good credit score. The higher credit score, the lower your interest rate, that's what it comes down to and it comes down to whether or not you're going to need a conforming lender, going with companies like Countrywide, Washington Mutual, City Bank, those particular ones or you're going to be in the sub-prime. That's people that have borderline credit, their credit scores aren't that good. They pay a higher interest rate because it's more of a risk for these people to get a mortgage. Are they going to pay it back or aren't they? And that's what it comes down to and those non-conforming loans are becoming harder and harder to get as the loose tightens on the sub-prime because non-conforming is sub-prime, that loose becomes tighter and tighter as more people go into foreclosures. By the way, right now in the United States, this is the most foreclosures we've ever had in the history of the United States. More than the depression, more than any other time in our nation's history. And thank goodness for government loans at this particular time. They're coming in a little bit to help offset this. Other mortgage companies are coming in to allow you to refinance instead of at a higher interest rate, at a lower interest rate if you've made your last twelve mortgage payments and if your income can support your lifestyle. So there is a tie in between the credit score and what interest rate you're going to get on your mortgage."