How To Lower Home Loan Bills: Table of Contents


What Affects Your Home Loan Rates and Payments?

Your monthly payments are primarily determined by the interest rate and amount of the home loan.

Your credit score, discount points purchased and whether your down payment is less than 20% primarily determine your rate.

A long history of good credit will get home mortgage lenders thrashing to give you the best rates.

If you have crappy credit you can buy discount points, which are credits that literally lower the interest rate of your home loan.

If you put a large down payment then obviously your principal payments will be less. But home mortgage lenders love cash up front and will consider you for better interest rates and may even overlook past blemishes in your credit.

 

The importance of your credit score cannot be stressed enough. Read on to learn how good credit can save you a lot of money.

Continue: Good Credit Equals Low Monthly Payments