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Mortgage Basics

How Does My Credit Score Affect My 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.

Scott Buehler

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About Scott Buehler - Author

Your Senior Mortgage Consultant and home loan professional for Utah and California. I've spent years perfecting the home loan process to provide you with the best mortgage experience. Whether you are buying, selling, need to consolidate or lower your rate, call Scott Buehler today at 435-590-1019. Try my Ultimate Guide to Home Purchasing or get started with my pre-qualification questionnaire.

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