Buying a home is still a big part of the American Dream. And with rising rent prices, homeownership has become the more affordable option in many places… if you can qualify.!
Getting your credit right is a big part of becoming mortgage ready. And when it comes to lower interest rates on loans, no loan is more important than your mortgage. Interest charges on mortgages add up to tens of thousands of dollars over the life of the average loan. Just half a percentage point difference in a mortgage interest rate means big money paid out of pocket.
Consider total interest charges on a 30-year fixed-rate mortgage for $150,000.
Good Credit-Prime or better
• At 4.0% APR, your monthly payment would be $716 and the total paid would be $257,804 over the life of the loan.
Bad Credit-Hard Money Loan
• At 10% APR, the monthly payment would be $1,316 and $473,889 over the life of the loan.
Did you happen to notice that the difference in payment? Its $600!! Or $216,085! What could you do with an additional $600 a month? Having good credit saves you money. In this scenario you just gave yourself a $7,200 annual raise and maybe you can now afford a vehicle upgrade or even second car.
Having good credit opens so many possibilities financially. It’s almost too expensive to have bad credit these days.
Many people ignore the situation and hope that it goes away. Bad credit is the most expensive way to live in society today. Think of this, when you have limited income or have many expenses actually having good credit can get you out of debt solely based on the savings
A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!
*Individual results may vary. Please call for more details and to discuss your own individual situation.