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A Guide to Beating High Interest Rates: Choosing the Right Mortgage or Loan

With interest rates increasing, you must be even more careful about choosing the right mortgage or loan. Gone are the days of finding mortgage interest rates at 3 percent – for now, anyway. You've probably heard about shopping for a loan, but many people don't shop too hard because they want a specific bank or are afraid of damaging their credit report by applying to more than one bank or mortgage broker. However, the Fair Isaac Corporation (FICO) states that if you apply for several mortgages within 30 days of one another, they do not affect your FICO score. Thus, in most cases, multiple credit inquiries for mortgages count as one.

A Guide to Beating High Interest Rates: Prioritizing and Paying Off Loans

When preparing to pay off debt, you might look at it and not know where to begin. You can choose from several methods to get it done depending on what you want to do first. You can start with the smallest or the debt with the largest interest. You could also start with the debt with the largest balance or consolidate. Your choice depends on how soon you have to pay the debt off, how much money you can throw at it, and your personality.