I did a homebuyer class with Gene Blinick today at De Anza. Do you enjoy like me the glory of questions and people who are inquisitve? I love the discovery and wonder I see in a students eyes who is alert and enjoying this moment. The test of a tough questions to debate with another it is overall a real gift.
Today's topic is the importance of yopur credit report and score. Mortgage loans are priced on loan amount, equity, credit score and other factors. I ran out a 30-year fixed at a $417,000 loan and dig these results.
$417,000 30-year fixed rate loan 0 points plus closing costs
10% down Townhome purchase loan
760 credit score 3.25% (apr 3.389%)
740 credit score 3.375% (apr 3.409%)
700 credit score 3.50% (apr 3.578%)
660 credit score 3.625% (apr 3.79%)
Credit scores are critcal in pricing loans. Take your score seriously. Pull your credit for free once a year through www.annualcreditreport.com and you pay for your score. Use your credit, pay it full, do not be late and establish 3-4 trade lines with 2 plus years history.
More on this later
Alan
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