Credit and Mortgages

For those of you thinking about the dream of home ownership or those of you looking to refinance, the chart below is an illustration of how you would rate. The figures used for APR Rate are not todays rate. They are numbers used to show how the formula would affect your buying power.



As you can see, the differences in rates and monthly payments between the tiers is obvious. 
The better your score, the less you pay to borrow money, thus lowering your monthly payment.

Which one of these categories is most important to you?

 

Credit Score	APR Rate (sample)	Monthly Payment	Interest Paid
720-850	5.3%	2776.52	$499,549
700-719	5.9%	2965.68	$567,647
680-699	6.5%	3160.34	$637,722
620-679	7.6%	3530.37	$770,937
560-619	8.4%	3809.19	$871,305
500-599	9.9%	4350.95	$1,066,352

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