According to
US Today there’s a lot you can do to get the best mortgage rate out there. As a home buyer you need to do some housework and get things cleaned up at least when it comes to your credit score.

When you apply for your mortgage the lending institute reviews your FICO score to determine not only if you qualify for a mortgage but also what interest rate you’ll pay. For most lenders you’ll need a rating of 720 in order to find the best interest rates.

You probably already know that if you don’t make your payments on time your credit score will hurt for it, but there are other things you might not be aware of that can also affect your credit score.

Don’t pay a dime until…. These offers are often seen on electronics and home furnishing and they allow you to postpone paying from 90 days to 2 years. The problem is on your credit report this is seen as a loan and it will affect your credit score. It will appear as a loan until it is paid in full.

The decline in equity has cause many lending institutes to freeze home equity lines of credit, which can lower your credit score. How you ask? Well if you had a $10,000 line of credit and you’ve used $5000 which would have been only 50% of your line of credit, but then they freeze it at the $5000 mark and now it appears that you’ve used 100% of your line of credit, which will be reflected on your credit score.

So remember, pay on time, don’t use up your available credit, and don’t have too many inquiries on your credit report.