Your Credit Report, Score and Monitoring - Instantly!
Long & Foster has partnered with IDENTITY GUARD® to provide the
essential credit information you need before
buying a new home. IDENTITY GUARD® is powered by Intersections,
safeguarding over 5 million customers from credit and identity theft fraud.
See What Lenders See:
- Your Equifax® credit report
- Your credit score
- Credit monitoring and alerts
- Unlimited Credit Education Specialist via toll
free number
- Up to $2,500 identity theft insurance at no additional charge to you (after $250
deductible)
Your credit score has a direct effect on your interest rate.*
Let's look at a true life example for someone buying a new home for $216,000 30-year,
fixed-rate mortgage based on actual mortgage rates from February 2006.
|
If your credit score is: |
Then your interest rate could be: |
...and your monthly payment will be: |
|
760-850 |
6.00% |
$1,295 |
|
700-759 |
6.22% |
$1,326 |
|
680-699 |
6.40% |
$1,351 |
|
660-679 |
6.62% |
$1,382 |
|
640-659 |
7.05% |
$1,444 |
|
620-639 |
7.59% |
$1,524 |
|
Average US credit score: 689 |
As you can see, a person with a credit score of 760 or better could pay $293 less
when buying a new home per month than a person with scores below 620 – a savings
of $3,516 per year.
Now you know how lenders use your credit score – and how important that credit score
is to your ability to secure credit on the most favorable terms. So how do you maximize
and protect that credit score?
*This is not an offer to lend. Interest rate comparison is only an example. Rates
will vary. Your credit score alone will not guarantee any rate differential and
is subject to loan approval based on other factors including loan amount, loan to
value, job history, and other credit factors. Please consult your loan representative
for more information and qualification.