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Mortgages have changed since your parent bought their home. We are still in the midst of a recession and foreclosure rates are still high. This has made many lenders cautious about mortgage loans, the criteria is more strict. For example, if you are shopping for a home in Seattle, Washington, you would be closely watching the Seattle mortgage rates. Unless you are independently wealthy, you will be needing a Seattle home mortgage, and the lower the Seattle interest rates, the lower your monthly payments.

What type of Seattle home mortgage you qualify for depends on many factors, but your credit score is very important. Your credit score will determine whether you get the lowest Seattle interest rates or not. Credit score qualifications may vary from lender to lender to shop around for the best rates that your credit score allows. It is safe to say that the better your credit, the lower your interest rate on a Seattle home mortgage will be.

Even a one point decrease in the Seattle interest rate you qualify for will means savings of up to a hundred dollars a month, depending on the amount of the loan. It is in everyone’s best interest to keep their debts low and paid on time each month. Low interest rates because of a high credit score does not just apply to home purchases. Auto loans and other large purchases can cost far less if your credit score is high.

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