A credit score is a numeric representation of a person's credit history. It basically tells a creditor what kind of risk they are taking when they are giving you a loan. The lower your credit score is, the higher risk a creditor is taking when loaning you money. So, when a person is thinking about the option of getting a fixed rate home loan, they should first look at their Credit rating.
One of the things that can bring your rating down really fast is whether or not you pay your credit bills on time each month. Unfortunately, it takes years to build a good credit history, but it only takes a few months to ruin one. A fast way to improve your credit score, and ultimately receive a better loan offer, is to make sure you start paying up on time. Even utility bills should be taken into consideration, because your phone company, for example, most likely sends the three credit bureaus information every time you are late with a payment.
The fixed rate home loan should be considered only if you have a good Credit rating. This will ensure that you will be paying your creditor less, because you have already gotten the best possible deal. On the other hand, if at the time you receive the loan, your credit score is not that great, you should not get a fixed APR rate. After all, once you improve your rating you can apply for reevaluation. In the fine print of your loan contract you will see that a bank can change your interest rate at any time they please, regardless of whether or not you have a fixed APR. But with fixed rates, this is very unlikely.
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