In the past, credit reports and scores were instrumental in determining whether a consumer had the ability to purchase big-ticket items such as homes, cars, and appliances. This is no longer the case.
Today your credit reports and scores are pulled even when you start a new account for your telephone, electricity and other utilities. And it doesn’t stop there, not by a long shot. When your credit scores are low, you pay more for everything. Here’s the short list where your credit reports and scores can cost you:
But when it comes to a mortgage, a low credit score can mean:
If your scores are below 620, you may be subject to a loan level price adjustment fee of up to 3% of the loan amount. On a $300,000 home loan, that would mean an additional cost of $9,000.00.
No one has unlimited income, and no one wants to work forever. Every opportunity you have to reduce what you pay for your mortgage, your car, and your credit cards is money you can use to fund your retirement, pay for college education, and use for a brighter future. It’s money you can use to establish a more solid financial footing so that you can be more comfortable and worry less.
We look forward to serving your needs.