Home buyers and refinancers who've paid all their credit card, mortgage and revolving debts on time could be in for an unexpected bonus: A big jump in their credit scores, opening up the possibility of lower interest rates and fees on future loans.
      On the other hand, under important credit-scoring changes now being introduced to major lenders nationwide, some late-paying borrowers can expect painful retribution: significant drops on their scores below where they are today, potentially costing them more money the next time they apply for a mortgage.
      These little-publicized credit score changes are part of a new, alternative approach being rolled out by the developer of "FICO" scores, the dominant credit-risk ratings used by mortgage lenders, credit card issuers, auto finance firms, insurance companies, employers and landlords across the country.

     There's a common belief that you can "save" a lot of interest by settling at the end of the month. Is this true? Does it make a difference if you settle at the beginning of the month or at the end?
      All mortgage payments are paid in "arrears." This means that any mortgage payment covers the interest owed for the preceding month. It's the opposite of rent payments, which are due in advance.
      Since mortgage payments are paid in arrears, your first mortgage payment will always be due at the end of the first full month you took out the loan. Here are two examples: