How your FICO Score Affects your Refinance Home Mortgage Home Goldmedalmortgage.com Application

Advice from Refinance Home Mortgage Home Goldmedalmortgage.com - Improve Your Credit Score

It is important for you to make the effort to improve and maintain your credit score. With an excellent credit score, you are able to maximize the benefits offered by mortgage loans. Mortgages have been the lowest in 30 or 40 years. However, only those with excellent credit scores can enjoy this. People with excellent credit scores can avail of fixed interest rates of as low as 5.5%.

On the other hand, people with FICO scores below 650 are charged at least 1% more. To ensure that you make the most of your loans and that you really get to save on your loans, you must have an average FICO score of 723. Having a FICO score lower than this can prove costly on your part.

To illustrate, you can lose $31,002 if you have a FICO score of 675-699 compared to having a FICO score of 720-850. This is for a $200,000-loan on a 30-year fixed mortgage rate where you can avail of a 5.922% interest rate if you have a FICO score of 720-850. Having a FICO score of 620-674 means a loss of $86,949 while a FICO score of 560-619 means a loss of $127,128.

Aside from these, your credit score also affects the amount of cash out you can be granted when you refinance your home. Having a higher FICO score entitles you to higher cash-out while a lower score does otherwise.

There you have it. Hopefully, you found what you are looking for when you typed in "refinance home mortgage home goldmedalmortgage.com" or something similar.