What Does It
Cost?
The real question is What Does Bad Credit Cost
You?
 By looking at it this way, You'll see that Bad Credit or
even just Less Than Perfect Credit will cost you much,
much more in the not so long run.
Look at the following numbers and comparisons...
-
A mortgage at $200,000 @ 5.75% has a
payment of $1,167 paying the Principal and Interest over 30
years
-
Same Mortgage at $200,000 @ 8.9% has a
payment of $1,594 for the same terms. This is an increase of
$427.00 per month or $154,035 over the life of the loan. That's a
lot of money and the only difference was the credit score to
qualify for the loan.
-
Let's look at credit card rates. We know
that if you have excellent credit you can get a 0% up to 9%
interest rate on a credit card. But if you have less than perfect
credit, the companies are quick to bump you up to 29.9% or
more.
-
Try going late on one card in a month and the rest
of the card companies jack up your interest rates too. I don;t
think this is right, but it is what has been allowed to happen. We
can help put a stop to it for you.
On average a person will pay 20-29% more in interest
payments per year for having less than perfect credit. That adds
up.
The costs associated with our programs can be
structured a couple of different ways and the benefits ALWAYS
outweigh the expense.
Look at the breakdown comparison of what Credit can do
for your Mortgage Home Loan payments and rates.
If you have a FICO Score in the
range of 580 to 620 your rate on a 30 year fixed Home Mortgage would
be around 7.5%.
- $200,000 @ 7.5% has a payment of
$1,398
- Also, the total interest paid out
over the 30 years for this loan is $303,433.66 just in interest
making the total amount paid back $503,433.66
A FICO Score in the range of
620-680 would most likely get you a rate around 6.75%
- $200,000 @ 6.75% has a payment of
$1,297
- Also, the total interest paid out
over the 30 years for this loan is $266,987.54 just in interest
making the total amount paid back $466,987.54
A FICO Score in the range of 680 to
700 would get you a rate around 6.25%
- $200,000 @ 6.25% has a payment of
$1,231
- Also, the total interest paid out
over the 30 years for this loan is $243,319.13 just in interest
making the total amount paid back $442,319.13
A FICO Score in the range of 720
and higher would get you a rate around 5.75%
- $200,000 @ 5.75% has a payment of
$1,167
- Also, the total interest paid out
over the 30 years for this loan is $220,169.94 just in interest
making the total amount paid back $420,169.92
The difference in interest paid out for the loan over the
30 year period from the lowest FICO Score that would actually
qualify for a loan to the highest tier 30 year fixed rate loan is
a WHOPPING $83,263.72
on a loan of just $200,000.
This is the cost of having bad credit. This is what you can
save yourself just by letting us work on your credit for
you.
This is our Guarantee to you that we WILL do our job
and do it WELL.
We don't get paid until you get the results you are
looking for.
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