A Higher Score Can Make a Big Difference on Your Mortgage

The higher your FICO® Score, the more money you can save in interest over the life of the loan. For example, say you're planning to borrow $350,000 for your home. With a score of 700 in the current interest rate environment (as of March 24, 2019), you could qualify for a 30-year fixed mortgage at 4.30%. Over the lifetime of the loan, you'd pay $273,834 in interest.
However, if you boosted your FICO Score by just 60 points to 760, that would take you into the next credit scoring band. Then, you'd qualify for a 4.08% interest rate, which means you'd pay $257,515 in interest over the life of the loan. That's a savings of $16,319. Imagine what you could do with those savings if you invested that money instead of paying it to the bank.

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