....Interest Rate and Monthly Payment
Example: $150K loan borrowed
Your FICO Score / Your Interest / Your Mo Payment
720-850 5.72% $872
700-719 5.84% $884
675-699 6.38% $936
620-674 7.53% $1,052
560-619 8.53% $1,157
500-559 9.29% $1,238
*illustration purposes only*
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Oh yes, it makes a difference.
Will- There is a great incentive to having the high score. Woundn't you say?
I would have to agree with you Eloise.
Will, just a quick question....are these interest rates used for illustration purposes only, as there are no rates like that I have seen (unless of course someone buys it down)?
Yes FICO does play a huge roll in your bottom line interest rate which I think is important for people to know....
Just wondered what you used to calculate those numbers....
Thx, Micki
Hi Micki,
Yes, this is only for illustration purposes only.