Hello!
When it comes to your mortgage payment your credit score can affect your interest rate, and your homeowners insurance rate.There is another part of your payment that is also affected by your credit score… 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 to 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!
If you or someone you know needs help with a mortgage – please contact our offices.
I hope you have a great day! Thanks for reading!
Brett