Clients always ask me what are the mortgage rates today? And, I tell them that there are many factors to what rate you qualify for and the client looks at me like I told them that Aliens landed in New York today. Clients are programmed to think that there is only 1 mortgage rate out there and everyone either gets that rate or they don't. The truth is that your credit score is a very important factor and your mortgage rate you qualify for! For example, the client with a 600 credit score doesn't qualify for the same rate that a 750 credit score does! The lower your score the higher the rate you will pay! If you have a 650 credit score vs. a 750 credit score, the 650 score will end up paying an average of $1000 more per YEAR for the exact same mortgage just because of a higher rate! Bottom line- invest in repairing your credit and/or maintaining your good credit!
- guest blogger: Josh Lund, American Mortgage & Equity, josh@ameccorp.net
Josh Lund
Senior Partner - Regional Managing Director
American Mortgage & Equity Co
952.884.5442 office
952.884.5439 fax
612.802.3265 cell
6801 Washington Ave S. Suite 203. Edina. MN. 55439
NMLS #387408
No comments:
Post a Comment