"Good" Credit will make a BIG difference in your Rate in 2008 !

Starting in January good credit has been redefined as 680 and above by Freddie Mac and Fannie Mae who are the primary buyers of mortgages. If your credit is below that you will get a interest rate of about .125 - .375% higher in rate (or pay a additional fee of .50 - 2.00 points). No matter what the Feds do with rates you will get a higher rate than last year. The only way around this rule is if you have a 70 LTV or less (which is almost worthless to most borrowers). We foresee many more changes are coming such as lower LTV's for cash out's and investor property. On the flip side the cost of the home will be much less than last year. Your credit now will make a much bigger difference than ever before so start working on it now. www.rateinformer.com