How Your Credit Score Affects Your Mortgage Rate » Mortgage Masters Group

With most loan options, your credit score is a big driver of the interest rate you’ll end up paying on your mortgage. Not to mention on loans for other major purchases, like a car. It works like a see-saw: when your credit score goes up, your interest rate comes down, and of course vice versa.

Your credit score is one of the most important factors when you’re applying for a mortgage. Your credit score will influence your monthly mortgage payment, the total amount of interest you pay on your mortgage loan, and ultimately the total amount you pay for your home.

Of the 80% of Americans with debt, 44% have mortgage. your balances to zero. Carrying a lot of debt – relative to your limits for revolving credit accounts – can have an adverse affect on your.

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There’s a new strategy floating around the personal finance world: paying off your mortgage faster. personal line of credit or credit card will work as well, but you have higher rates and no tax.

There’s just one thing giving you pause: Your partner’s credit score is under 600, and you’re worried they might drag you down with them. While it’s true that your spouse’s poor credit could come to.

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Not exactly. While you may have met the goal of homeownership, your credit remains vitally important. Keeping your scores up can benefit you in a number of ways. Here are 7 reasons you should keep your credit good even after you’ve bought a house. To furnish your home Now that you’ve got that new home, it’s time to furnish it. If you qualified for a mortgage, there’s a good chance you’ll also be a good candidate for new store cards.

Without a high credit score, you won’t qualify for the best mortgage rates available, which could mean you’ll end up paying more money over the term of your mortgage. Even with rates at historic lows right now, the difference between 3.5% and 3.75% can add up, especially if you’re applying for a 30-year fixed-rate mortgage.

Related Content 3 things you need to know about your credit score beware the deferred-interest credit card Beyond determining whether someone gets approved for a credit card, a credit score can affect.