The latest from Matthew Gardner, Windermere’s resident economist… contact me with questions!
For complete details about our market, please CLICK HERE to see the latest Market Action Report from our Regional Multiple Listing Service.
And, as you probably know, the bigger the better! It’s surprising how much your credit score can affect your monthly mortgage payment. If you’re buying a home and have a credit score between 760 and 850 the rate you qualify for could be more than 1.5% less than if your credit score was under 640.
For example: at the higher credit score the interest could be around 4.093% and at the lower score it could be as high as 5.682%. The principal and interest payment on a loan of $300,000 at the lower interest rate would be $1,448 per month. The payment for someone with a credit score of 640 or less would probably be closer to $1,738 per month for principal and interest.
Moral of the story, know your credit score.
If you would like a little more information, click here.