Your Rate Depends on your Score

By
Real Estate Broker/Owner with Morningside Homes, LLC 720-231-5200 DRE# ER300941
 

Most homebuyers probably know that their FICO mortgage score can determine whether they qualify for a loan, but they may not be aware that it can determine what interest rate they'll pay.

The same $300,000, 30-year, fixed-rate mortgage can have a principal and interest payment that ranges from as low as $1,340 or as high as $1,619 based on this recent picture in time.  The variable is the FICO score of the borrower.  Use this calculator to see current rates and your loan amount.

$300,000 30-year Fixed Rate Mortgage

FICO Score

Interest Rate

Monthly Payment

Total Interest Paid

760-850

3.456%

$1,340

$182,320

700-759

3.678%

$1,377

$195,763

Most homebuyers probably know that their FICO mortgage score can determine whether they qualify for a loan,680-699

3.855%

$1,407

$206,621

660-679

4.069%

$1,444

$219,914

640-659

4.499%

$1,520

$247,156

620-639

5.045%

$1,619

$282,741

 

While you can get a conventional mortgage with as low as a 620 FICO score assuming the rest of your qualifications are strong, a higher FICO score will lower the rate you'll have to pay which results in lower payments and ten of thousands of dollars less in interest over the life of the mortgage.

It can be a smart idea to counsel with a trusted mortgage professional about your current FICO mortgage score and find out what you need to do to raise it. Call (720) 231-5200 for a recommendation.

Posted by

Buy or Sell with Patty Clark              Denver/Aurora Co. and surrounding areas 

Chris and Patty

    Helping Families Move with Care

  If you would like to be sent properties on a daily or weekly  basis just call or email me and let me know your wants and  needs. A match will be made with a home you love and with  monthly payments you can afford. I specialize in first time                       home buyers and sellers who are ready to make a move.

                                                    

 

Morningside Homes, LLC
patty@morningsidehomes.com

www.morningsidehomes.com
Cell: 720-231-5200                       CRS,GRI,WCR,SFR,CNE, MRE

 

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Rainmaker
3,295,470
Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope 2020 is a great year for you,

Jan 22, 2020 01:47 AM #1
Rainmaker
489,688
Patty Clark
Morningside Homes, LLC 720-231-5200 - Denver, CO
Helping Families Move with Care

Thank you. I hope the same for you. Buckle up..Springtime is coming!

Jan 22, 2020 01:19 PM #2
Rainmaker
197,798
Ben Yost - 303-587-4297
First Time Home Buyer, Mortgage Rates, Pre-Approval - Denver, CO
FHA, VA, Conventional - Mortgage Loans in De

Great Info Patty

Jan 25, 2020 08:33 AM #3
Rainmaker
489,688
Patty Clark
Morningside Homes, LLC 720-231-5200 - Denver, CO
Helping Families Move with Care

Thank you, Ben. Have a great 2020.

Jan 26, 2020 08:02 AM #4
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Patty Clark

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