Maddy’s example of what good credit can do for you.
Clients looking for a mortgage of $262,000.00 – 5 year term – 30 year amortization.
If they have:
- Good credit they could get a rate of 1.95% = $960.84 monthly payment
- Not too bad credit the rate would be 3.69% = $1,200.31 monthly payment
- Not too good credit the rate would be 4.99% = $1,396.71 monthly payment
The difference between a) good credit and c) not too good credit is a savings of $156,913.20 over the life of your mortgage! That’s money you can save. Imagine!
However, the client’s credit was not good due to the fact that there were two obstacles preventing them from getting a better rate. Maddy worked with the clients to fix the two issues. It was not easy, but the savings were worth it. They are able to save a lot of money and will dramatically reduce their stress.
Now, without any obstacles to hold them back, the clients are working on improving their credit. They will be able to get a better interest rate on a mortgage, car loan etc., resulting in smaller payments and freeing up their cash flow each month.
Estimated savings for the client $156,913.20.
Contact us at 905-870-5726 to see how we can help you.