NEW YORK (MainStreet) — There’s a new iPhone app in town that not only gives you your credit score from all three major providers, but also enables you to calculate your mortgage rate, using your credit score as a barometer. And guess what? It’s free.

The application from is available on Apple’s (Stock Quote: AAPL) iPhone, iPad and iPod Touch and is billed by the outfit as being particularly useful for real estate professionals and new homebuyers. The mortgage section of the app offers updated information on mortgage interest rates, homes for sale and estimated refinancing rates. points out on its website that other mortgage sites, like LendingTree, offer mortgage rate calculations based on credit scores, but those are approximate scores, and this app relies on rates from actual consumers’ credit scores to calculate potential mortgage rates for new users.

The application also allows people to compare their credit scores to those of consumers in different zip codes (presumably to measure their ability to buy a home in another community), and includes a home affordability calculator that lets the user know how much home he or she can really handle.

Carrie Coghill, director of consumer education for, describes the app as a mobile touch point to help consumers track their credit and make sure there are no surprises. “Plus, the practical applications are endless,” she explains. “For example, you can see your credit scores as you're applying for a car loan -- or even see if the house you're standing in is affordable."

FreeScore’s app isn’t the only credit score app for Apple’s popular smartphone – also has a free application that enables iPhone and iPad users to access their credit scores, get tips on better credit management, and learn the reasons why credit scores are what they are.

Rating agency Experian (Stock Quote: EXPN) also offers the My Credit Score iPhone app, which is available for members of and The tool provides updated credit scores and alerts when a user’s score changes, and offers explanations for factors that are impacting the score.

Like Experian’s credit score app, the full set of features on the FreeScore app are open only to the site’s members, but non-members can use the mortgage rate predictor, the credit score comparison, and the new home locator without signing up.

As of March 28, the FreeScore tool has an Apple App Store approval rating of three-and-a-half stars out of four, so it looks like solid choice for iPhone users looking for a new home.

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