Recently have read an article about how your mortgage repayments depend on your FICO score. In one example, of a 30-year fixed rate mortgage, the difference between 700 and 559 was 2.51%.
Huge difference, that on interest-only loans will lift your repayments by $2,510 yearly, for each $100,000 borrowed.
It's obvious now, how one has to stay away from bad credit and even poor credit will not save you, from paying extra money, that you could use for better purposes.
Yes, banks and financial institutions first get you into the debt, and when you fail, slap you with the bad credit stamp.
Then, they'll make you pay through the nose for yours and theirs faults and lack of financial prudency.
FICO score and your mortgage repayments
