Do you remember when a 680 credit score provided the best interest rates? Today, according to Bankrate.com, the best rates and mortgage programs go to consumers with 700+ credit scores. Consumers with less than a 700 credit score may see additional fees of 1% or more and increased interest rates as high as 1% over the base rates. The increased fees and interest expense represents about $3,500 in extra fees and as much as $134 a month in additional monthly mortgage payments for a new home buyer purchasing a $350,000 home.
Remember to check your credit annually for FREE at www.annualcreditreport.com
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