My mortgage lender friend Shailesh Ghimire posted a great little article recently that includes a chart showing how much extra you’ll pay for a home mortgage at varying credit scores. Having a FICO score below 620 will cost you about $5,500 extra in lender fees. Yikes! The same is true for car loans, credit cards and other consumer debt.
View the entire article on his website the AZ Mortgage Guru.
Updated – As of July 14, 2008, FHA loans have risk-based pricing on their mortgage insurance. Again, it’s more expensive to get a loan if your credit isn’t so good. Click to read the AZ Mortgage Guru’s explanation of risk-based PMI on FHA loans.
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Heather Barr is a Realtor and a happy workaholic. She eats more than someone her size ought to be able, and is a runner as a consequence. Her TiVo's full of spy thrillers, police procedurals and Whedonesque sci-fi.
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