Its All About Your Credit Score

By
Real Estate Agent with Diane O and Friends - Benchmark Realty 290309

How many times to you hear people ask “what rate did you get?”  Well the problem with the question is that the rate some lenders quote and the rate you get may be very different.  Why?The rate you get is based on your credit score and your credit score is based on a number of factors as indicated by the chart from Fair Isaac Corporation, myfico.com recently published in the T.Rowe Price Investor, June 2011 issue.

Source: Fair Isaac Corporation, myfico.com

 Interest rates as of May 9,2011. Sources: Fair Isaac Corporation (myfico.com), Informa Research Services"

So how much difference can it make?

Lots.  Lets look at a typical 30 year fixed mortgage for  $300,000.  The difference in dollars and cents is $294 per month, or $3,528 annually or $105,840 for the life of the mortgage.

It’s not just a mortgage rate that is driven by your credit score.

More and more companies are using your credit score to determine if you would be a “solid” employee.  Did you also know that your credit score determines the rate you will pay on your insurance?  How about that credit card, again the percentage you are quoted all goes back to your credit score.   So check your credit score by getting your free credit report from all three credit bureaus at annualcreditreport.com.

So when you are to buy or sell property in Tennessee then it is time to work with Diane O and Friends.

Our team of professionals  always do our homework and find you the best deal at the best rate. For more information about Diane O and Friends and our real estate services please fill out the online contact form or give us all call. Office: 615-371-1544 Diane Cell Phone: 615-406-2184 Mandy Cell Phone: 615-477-6959 Fax: 615-472-7931  

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Benchmark Realty,318 Seaboard Ln., Ste 115, Franklin, TN  615-371-1544
Diane Osowiecki, license #290309 cell - 615-406-2184  email  diane@dianeo.us
Mandy Buchholz, license #309437 cell - 615-477-6959  email  mandybuchholztn@gmail
Bob Osowiecki, license #325031  cell - 615-878-3902 email  bobointn@gmail.com
 

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Rainmaker
261,234
Barb & Sal Dragotta
Macomb, MI
Macomb County Michigan

Diane...very timely post; this morning on the Business channel this very topic was being discussed. They honed in on the point that :...the credit score you as an individual can receive may be very different from the score that is Sold to companies [ mortgage, lenders, banks etc] . It was mentioned that the 'free or subscription' score you can get [on your personal credit] may be found to be lacking when you sit at that mortgage lender table.

Folks need to do all those items that you delineate above; the most important one being to NOT add new credit purchases until after the mortgage has been awarded and the closing on the property.  Hopefully, those who need this info. will be reading your blog today.  Have a good weekend.
Barb  

Jul 22, 2011 07:38 PM #1
Rainmaker
268,778
Franklin & Brentwood, TN Homes Mike Nastri - Rodney Kennedy
Keller Williams Realty - Franklin, TN
It matters to us as much as it matters to you.

Good information that so many don't know.  Now they have a place they can go to learn what affects their credit.

Jul 24, 2011 08:45 AM #2
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Rainmaker
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Diane Osowiecki

Greater Nashville Real Estate
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