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.
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