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As we already established having a good credit score not only enables you to get loans from lenders, but more importantly it reduces your annual interest rates quite significantly. The tables below will show you real examples on exactly how a particular credit score affects your interest rates on mortgages, equity loans or auto loans. 30 Year Mortgage: Credit Score Interest Rate 500-549 9,758% 550-579 9,077% 580-599 8,747% 600-619 8,305% 620-639 7,359%…

A mortgage is a loan that you take in order to purchase a piece of property. Like any other loan, there is a risk to the lender that you will borrow the money and not pay it back. Although the risk to the lender is lower since the home or property acts as collateral to secure the loan, banks still do not want to have to foreclose on a home….