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Fix your CREDIT!
Did you know those who have lower credit scores pay more than those with higher scores?
It’s true! That’s why making sure you are aware of your score and keeping it as high as possible is so important.
Mortgage and auto interest rates, and insurance premiums vary throughout the country. However, a quick glimpse and we can see the impact of our credit scores. Even when we are charged a higher interest rate on loan or an insurance premium from a lower credit score, the chances are very slim that we will be able to refinance that loan or lower our insurance premium for years. Unless we take steps to improve our credit score, it could cost us literally thousands of dollars annually.
Many lenders advertise their mortgage interest rates based upon ranges of credit scores. Even though interest rates can vary throughout the country, the differences are startling. If we compare two people, one with a credit score of 625 and a second with 765, the extra payment in this analysis would be $212 a month on a $200,000.00 mortgage. Over the life of a loan, the total cost would be an additional $76,410.00!!
According to this analysis, a 725 credit score would cost an extra $28 a month. We may be charged a higher interest rate on a first mortgage even with a credit score below 760.
$200,000 Loan / 30 Year Fixed Interest Rates
Credit Range -----Interest Rate ----Monthly Payment ---Extra Mo. Cost ---Total Extra Cost
760 to 850 --------6.33%------------ $1,235 ----------------0- ------------------------0-
700 to 759 --------6.55%------------ $1,263 --------------$18 -------------------$10,253
680 to 699 --------6.73%------------ $1,287 --------------$52 -------------------$18,713
660 to 679 --------6.95%------------ $1,316 --------------$81 -------------------$29,135
640 to 659 --------7.38%------------ $1,374 --------------$139 ------------------$49,766
620 to 639 --------7.92%------------ $1,447 --------------$212 ------------------$76,140
$250,000/$500 Deductable Standard Coverage/No Recent Claims
720 to 850 -----------$554 -----------------------$0 ------------------------$0-
700 to 719 -----------$590 -----------------------$3 ------------------------$36
680 to 699 -----------$703 -----------------------$12 ----------------------$149
660 to 679 -----------$737 -----------------------$15 ----------------------$183
640 to 659 -----------$737 -----------------------$15 ----------------------$183
620 to 639 -----------$923 -----------------------$34 ----------------------$369
580 to 619 -----------$1,219 ---------------------$55 ----------------------$665
Below 579 ------------$1,476 ---------------------$77 ----------------------$922
$20,000/$500 Deductable Standard Coverage/No Recent Claims
Credit Range ------Annual Premiums -------Extra Mo. Cost ------Extra Annual Cost
720 to 850 -----------$326 -----------------------$0 -----------------------$0-
700 to 719 -----------$348 -----------------------$2 -----------------------$22
680 to 699 -----------$379 -----------------------$4 -----------------------$53
660 to 679 -----------$499 -----------------------$14 ----------------------$173
640 to 659 -----------$517 -----------------------$16 ----------------------$191
620 to 639 -----------$600 -----------------------$23 ----------------------$274
580 to 619 -----------$654 -----------------------$27 ----------------------$328
Below 579 ------------$754 -----------------------$36 ----------------------$428
Insurance premiums vary from state to state, city to city, and from company to company.
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