How the Difference Between Good and Bad Credit Can Impact You
How does credit impact you?
Here is a example: $150,000 mortgage with a 30 year fixed rate with 20% down. The difference between great credit and just getting approved credit:
- 620-674 credit score @ 7.595% = $1059 monthly payment. Total interest paid = $231,095
- 720-850 credit score @ 5.782% = $878 monthly payment. Total …interest paid = $166,228
- The cost of BAD credit in this example is $64,867.
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