740 Credit Repair

How your credit score can affect your payment for your home. Let's be smart and save money.
Here is an example: I'm going to use the FICO® Loan Savings Calculator for this example.
Let's say you start out with a low score of 630 because your credit report is not that great. You purchase a $4500,000 home with a 20% down payment (total loan amount of $360,000) and qualify for a 30-year fixed mortgage with an interest rate of around 7.7% (current for December 2022). Total interest paid = $710,000
Boosting your score several points, to around 660, could qualify you for an interest rate of 6.7%—saving you nearly $98,000 over the life of the loan. Bringing your score up to 760 could land you a rate of about 6.1%, saving you an astounding $175,000.
What would you rather spend, a few hundred up front to improve your credit, or pay an extra $175,000?