It’s well known that good credit can save you money and help you get a lower mortgage rate. But just how much money can you save?
It’s estimated that over the life of a mortgage loan the average interest paid for a borrower with fair credit is $260,000. It’s also estimated that those with a very good credit score will pay closer to $220,000 over the life of a loan. That nearly $40,000 difference is a direct result of having a higher credit score and inversely, a lower mortgage rate. Monitoring your credit can help you secure a low mortgage rate and save tens of thousands when buying your home!
