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The Cost of Your Credit Score

March 26, 2014

Power of Credit ScoreEver wondered just how important a good credit score is when getting a mortgage? We know it’s important for not only getting approved for a loan, but also for the terms of the loan, in other words, how much you’ll actually spend on the mortgage over time. The credit experts at the Equifax Finance blog put together an example to show just how much of a difference (in monetary terms) a good credit score makes in the recent article, “

How Much a Credit Score Can Cost You When Getting a Mortgage.”

It turns out that a solid credit score can save buyers thousands of dollars. In the example given in the article, the difference between a 660 to 679 score and a 700 to 759 score can mean more than $20,000 over the life of the loan. Read the full article to see the math.

A credit score isn’t the only factor that goes into determining your interest rate. The size of your down payment and the type of financing you take out are also taken into consideration. A higher down payment makes you less of a risk and will likely help decrease your interest rate and different types of loans and financing options have different interest rates. You can order your free credit report and pay a small fee for your score by visiting www.AnnualCreditReport.com.

So what can you do to boost your score if you’re looking to buy a home? Learn more about your credit, check your credit report and start paying down debt. Get information and advice on credit and real estate on the Equifax Finance blog, where you can also find information on other personal finance topics like taxes, identity theft protection, insurance, retirement and more.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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