How Your Credit Score Impacts Mortgage Interest Rates
00:00:00.000 | Now, a low credit score might just completely shut you out of a mortgage, so obviously that's
00:00:04.160 | a huge impact. But even the difference between a high and a low score, and I say low score,
00:00:08.840 | I still mean a qualifying score. So if you look at a 30-year mortgage, let's assume a million
00:00:13.460 | dollar home with a 20% down payment, you're having a $800,000 mortgage. Now, I looked at a table of
00:00:19.320 | mortgage rates by FICO score, and they range from 620 to 639 at the bottom, gets a rate of 7.838
00:00:27.840 | and 760 to 850 at the top is a rate of 7.242%. If you look at the total interest across the life of
00:00:35.880 | that loan, you would pay an extra $117,703 of interest just because your credit score was in