The following scenarios are based on a 30 year fixed conforming with a $500,000 sales price and a loan amount of $400,000 with taxes and insurance included priced with 1 discount/origination point. 720 Credit Score = 6.00% (APR 6.149%). While I was preparing my morning rate quote (I’ll follow up at RCG this afternoon in case of a rate change), I thought I would run a couple scenarios on how much your credit score now cost you…just one digit off and you are paying more for your mortgage. To ensure that you will be getting the best mortgage rate, find out if the lending company you are dealing with has a broker. This is fundamental if you want to get the best mortgage rates and save your money. Contracting a broker may mean additional fees to subtract from your budget.
