lily

Saturday, February 21, 2009

Linda also lives in Florida, and applies for a $300,000, 30-yr fixed rate loan.

Linda also lives in Florida, and applies for a $300,000, 30-yr fixed rate loan. Her credit.
score is 660. She is approved for the loan at an APR of 8.093%. Her monthly payments.
are $2,221..

Linda’s good credit score has saved her $970 in monthly payments on the same loan.
amount, but the real point is how much she saves over the course of the entire loan. Over.
thirty years, Linda will save more than $340,000 in payments! That is money that Linda.
can put towards increasing her own wealth (rather than making the lender richer)..
This example is a conservative one, using scores that are just below and above the magic.
number of 650, so you can imagine the extremes between loan repayment terms for.
applicants with scores of 500 and 800..

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