Your Credit Score Counts When Applying For Mortgages And Refinance Mortgage Loans
Most people rely on credit to buy the home of their dreams. To qualify for a mortgage or a residential mortgage loan with good terms, you need to have an adequate credit score.
A credit score is also known as FICO, its a three digit system A credit score measures the probability of the likelihood of an person paying back the money that they had borrowed.
The difference in mortgage rates between a good credit score and a bad credit score could be as much as 400 basis points. Over the life of a $150,000 mortgage loan, the 400 basis points difference in mortgage interest expense translates to $107,804.26.
Being aware of where you credit score stands and finding ways to improve it is worth the effort. It’s preferable that the thousand of dollars goes to your pocket instead of your mortgage lender.
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Posted by JamesYoung on May 30 2010 Filed under Mortgages. You can follow any responses to this entry through the . You can leave a response or trackback to this entry
