How Does your Credit score affect your ability to buy a home? (mortgage rates) 711 The average American's credit score

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Higher interest
rates on loans
Unlikely to get
a loan
Lower interest
rates on loans
Lower monthly
payments
Higher Monthy
payments
:: 800 Credit Score
:: 700 Credit Score
:: 500 Credit Score
Transcribed Image Text:Higher interest rates on loans Unlikely to get a loan Lower interest rates on loans Lower monthly payments Higher Monthy payments :: 800 Credit Score :: 700 Credit Score :: 500 Credit Score
How Does your Credit score affect your ability to buy a
home? (mortgage rates)
711
The average American's credit score
Poor
Fair
Good
Very good
Exceptional
300-579
580-669
670-739
740-799
800-850
FICO Score
APR
Monthly Payment
Total Interest Paid
760-850
4.24%
$1,228
$192,219
700-759
4.462%
$1,261
$203,987
680-699
4.639%
$1,.287
$213,480
660-679
4,853%
$1,320
$225,086
640-659
5.283%
$1,386
$248,824
620-639
5.829%
$1472
$279,741
"The chart above shows how much you'd pay at today's rates for each credit
Score range. Examples are based on national averages for a 30-year fixed loan of
$250,000. Interest rate data provided by myFICO as of September 5th, 2018.
Transcribed Image Text:How Does your Credit score affect your ability to buy a home? (mortgage rates) 711 The average American's credit score Poor Fair Good Very good Exceptional 300-579 580-669 670-739 740-799 800-850 FICO Score APR Monthly Payment Total Interest Paid 760-850 4.24% $1,228 $192,219 700-759 4.462% $1,261 $203,987 680-699 4.639% $1,.287 $213,480 660-679 4,853% $1,320 $225,086 640-659 5.283% $1,386 $248,824 620-639 5.829% $1472 $279,741 "The chart above shows how much you'd pay at today's rates for each credit Score range. Examples are based on national averages for a 30-year fixed loan of $250,000. Interest rate data provided by myFICO as of September 5th, 2018.
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