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Epic Mortgage Tips

Know Your Credit Score and How it Affects Your Mortgage Payment

Written By  Scott Buehler

Your credit score can make a big difference in how much home you can afford and how much interest you’ll end up paying.

As an example, if you’re obtaining a $250,000 mortgage and have a FICO score of 760, you can expect to pay $145,698 in interest over the term of a 30-year mortgage as of this writing. On the other hand, with a score of 635, you can expect to pay $228,365 in interest. This would cost you $82,667‬ more interest over the life of the loan!

You can get a free estimation of your credit scores from two bureaus over at CreditKarma.com. You can get your free credit report (without FICO scores) from AnnualCreditReport.com.

I do not recommend using credit score boosting services that ask you to report additional debt, like utility bills, on your report. These can complicate your debt-to-income ratio factoring for how much mortgage you’d qualify for.

About Scott Buehler

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Your epic Utah home loan lender. I've spent years researching home loans so you won't need to. Whether you are buying, selling or need to refinance, call Scott Buehler today at 435-590-1019. Ask me about my 100% financing options, my digital loan experience and total loan cost analysis. Get started with my pre-qualification questionnaire.

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