higher: Did you know Conventional 15yr rates DO NOT penalize you for lower credit scores, unlike 30 year rates?
- 07/27/11 05:55 AM
Did you know Conventional 15 year rates do not penalize you for lower credit scores, unlike 30 year rates? They do not!! So a client with a 680 would get the same 15yr rate as a client with a 740 credit score. Lets say you are buying a home of $250,000 with a 20% down payment and you have a 675 credit score. Your 30 year rate would be 5%(apr 5.48%), but the 15 year rate would be 3.75%(apr 4.25%). For this example the principal part of your mortgage payment for a 30 year mortgage would be $1074 and the payment … (2 comments)
Did you know Conventional 15 year rates do not penalize you for lower credit scores, unlike 30 year rates? They do not!! So a client with a 680 would get the same 15yr rate as a client with a 740 credit score. Lets say you are buying a home of $250,000 with a 20% down payment and you have a 675 credit score. Your 30 year rate would be 5%(apr 5.48%), but the 15 year rate would be 3.75%(apr 4.25%). For this example the principal part of your mortgage payment for a 30 year mortgage would be $1074 and the payment … (2 comments)
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