One Simple Tip to Save Thousands on a Mortgage

One Simple Tip to Save Thousands on a Mortgage



trying to rack up the best deal on a mortgage before you play this game understand how it works single best tip before you apply for that mortgage I'm talking a year before you check your credit history and your credit score because when it comes to getting a mortgage those things aren't the main thing they're the only thing so you're looking for a $200,000 mortgage according to FICO when we shot this a crummy credit score of 620 means paying 5.7 percent interest on a 30-year loan but if you have a great 760 credit score that qualifies you for four point one eight percent now over 30 years that lower credit score is gonna pay about sixty seven thousand dollars more an interest think about that 67 grand this is enough to put your kids through college start a business retire early it's important so if you're starting off with a low credit score here's you behind the 8-ball clean up that credit it's a single most important thing you could do before you get in this game step one go to annualcreditreport.com and get free copies of your credit history dispute any inaccuracies step 2 pay down your debt you shouldn't be using more than 30% of your available credit step 3 don't close old accounts the longer your credit history the better step 4 work it pay your bills on time all the time even one late payment on your credit history is one too many and one final step avoid new credit now it's always gonna take time you bet it is if you're to pocket an extra fifty grand it's time well spent now what you need is some tips they're gonna help you clean up that credit history and get a higher credit score and they're waiting for you right here at money talks news dot-com just do a search for credit score did you like this video then do me a favor give it a thumbs up comment below and share it and if you haven't subscribed to our Channel well click the subscribe button you

2 thoughts on “One Simple Tip to Save Thousands on a Mortgage

  1. A couple of other things to consider are:
    1. Try to find a house that's below your means. If you can afford to pay at least twice the mortgage per month and still cover all your other expenses.
    2. Avoid PMI. Yes, if you have at least 20% to put down, you can avoid PMI – but that's not going to be the majority of home buyers. But some credit unions don't make you get it if you finance through them. That was the case with my credit union. Saves a bunch of money.

  2. Stacy,
    Are you considering making a video on the new law that goes into effect later in September that allows free credit freezes from the credit bureaus?

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