Borrowing & Rates
Mortgage
What it means
A long-term loan used to buy real estate, with the property as collateral. A mortgage is usually the largest debt a consumer takes on. Credit scores have an outsized effect on mortgage rates: a 100-point score difference can mean tens of thousands of dollars in interest over a 30-year loan.
Covered in the free course
- Who Sees Your Credit and Why It MattersUnderstanding Credit
- Why Payment History Rules EverythingPayment History
- The Numbers That Matter: 10%, 30%, 50%Credit Utilization
- Why Age Matters to LendersLength of Credit History
- Strategies to Drop Your Utilization FastCredit Utilization
- Revolving vs. Installment Credit ExplainedCredit Mix
- When to Diversify (and When to Leave It Alone)Credit Mix
- Hard vs. Soft Inquiries: Know the DifferenceNew Credit & Inquiries
- Rate Shopping: The Exception to the RuleNew Credit & Inquiries
- How to Apply StrategicallyNew Credit & Inquiries
- Collections and Charge-offs: Your Recovery RoadmapCommon Credit Problems
- The Authorized User Fast TrackBuilding Credit from Scratch