The Salt Lake Tribune
Wednesday, February 25, 2009
The higher your credit score, the better your mortgage rate
Take a look at this table from Myfico.com, a credit-scoring company. It shows just how much your credit score affects your mortgage rate and ultimately, what your housing payment will be each month. Lenders are increasingly rewarding those who have higher credit scores with lower mortgage rates. The monthly payments in this example are based on a 30-year loan of $300,000 at today's rates.

FICO® score .... APR* .... Monthly payment
760-850 .... 4.633% .... $1,544
700-759 .... 4.855% .... $1,584
680-699 .... 5.032% .... $1,616
660-679 .... 5.246% .... $1,656
640-659 .... 5.676% .... $1,737
620-639 .... 6.222% .... $1,842


*Annual Percentage Rate
posted by Lesley Mitchell @ 3:42 PM |

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About Lesley
   Lesley Mitchell has been a business reporter at The Tribune since 1997, covering real estate, the retail industry, personal finance and economic development. She's been a devotee of frugal living for more than three decades, starting when she was 8 and began washing cars (rain insurance anyone?) as a way to fund her goal of early retirement. A graduate of Utah State University's MBA program, Lesley, and her family, are dedicated to finding creative ways to save money, avoid debt and still have fun.
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   How do you and your family save money? Send an e-mail to lesley@sltrib.com.