Credit Score Numbers Matter!
Credit Score Numbers Do Matter - A lot!
Everybody wants to get the very best interest rate they can on your home mortgage, it is the goal. The credit scoring system is here to stay, so lets make it work for you instead of against you.
All mortgage lenders look at your FICO credit score report and numbers. They feel it is fair (?) to use the middle of the three numbers, throwing out the high and low numbers and going with the middle number. You on the other hand want the highest number possible so you can get the lowest interest rate on your mortgage. That's a no brainer but here it is in black and white.
Lets take a look at an example:
FICO Score Interest Rate Payment 30 Years Of Interest
500 9.3% $1,651 $394,362
560 8.5 $1,542 $355,200
620 7.3 $1,373 $294,247
675 6.1 $1,220 $239,250
700 5.6 $1,151 $214,518
720 5.5 $1,136 $208,853
Run Your Numbers Today! Call for an appointment to meet with one of our professionals, they can help you save $$!
So take a quick look at the numbers. The difference in interest paid over a 30 year period of time is huge! Do you want that money in your pocket or in the lenders? Do you want to pay about $209,000 in interest over the 30 years or $395,000? Your credit scores make a huge difference to your financial well being!
Learn what it takes to improve your credit scores today!
Give us a call or go to www.MinocquaMortgage.com and we will help you RUN YOUR NUMBERS and show you how to win the credit score game.
Everybody wants to get the very best interest rate they can on your home mortgage, it is the goal. The credit scoring system is here to stay, so lets make it work for you instead of against you.
All mortgage lenders look at your FICO credit score report and numbers. They feel it is fair (?) to use the middle of the three numbers, throwing out the high and low numbers and going with the middle number. You on the other hand want the highest number possible so you can get the lowest interest rate on your mortgage. That's a no brainer but here it is in black and white.
Lets take a look at an example:
FICO Score Interest Rate Payment 30 Years Of Interest
500 9.3% $1,651 $394,362
560 8.5 $1,542 $355,200
620 7.3 $1,373 $294,247
675 6.1 $1,220 $239,250
700 5.6 $1,151 $214,518
720 5.5 $1,136 $208,853
Run Your Numbers Today! Call for an appointment to meet with one of our professionals, they can help you save $$!
So take a quick look at the numbers. The difference in interest paid over a 30 year period of time is huge! Do you want that money in your pocket or in the lenders? Do you want to pay about $209,000 in interest over the 30 years or $395,000? Your credit scores make a huge difference to your financial well being!
Learn what it takes to improve your credit scores today!
Give us a call or go to www.MinocquaMortgage.com and we will help you RUN YOUR NUMBERS and show you how to win the credit score game.
Posted by Minocqua Mortgage Blog at 3/13/2009 6:32 AM 
Categories: Credit Scores
Tags: www.mortgageminocqua.com Run Your Numbers www.minocquamortgage.com Credit Score
Categories: Credit Scores
Tags: www.mortgageminocqua.com Run Your Numbers www.minocquamortgage.com Credit Score
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