Good Morning!
Have you ever wondered how credit affects your mortgage payment?
Most people know your credit affects the rate you get on your loan.
…and, your credit can even effect the amount you pay for Home Owners Insurance.
However, there is another part of your payment that your credit also effects. …Your mortgage insurance payment on Conventional loans.
Let me give you some examples of how your mortgage insurance rates can vary due to credit score.
These numbers are based on a $100,000 loan at 95% loan to value ratio.
MI Payment Chart…
| Credit Score Range | MI Payment Amount |
| > 760 | $45 |
| 720 to 759 | $51.6 |
| 680 to 719 | $74.17 |
| 620 to 679 | $95.83 |
The lesson here is protect and monitor your credit as much as you can. Keeping your scores up can save you alot of money!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett