Mortgages & Your Credit

When one thinks of Credit Scores and home-ownership, one thinks – of course – about mortgages. However, things like kitchen remodels, room additions, new roofs and security systems might cost less with a good Credit Score, too. Then, once you spruce up the place, proper maintenance keeps it looking good and costing less.

  • Yes! Credit Matters: Choosing the Right Mortgage

    Deciding between a Fixed Rate Mortgage or an Adjustable Rate Mortgage (ARM)? Which mortgage is better for you depends on your credit situation and your future plans with the property. The ARM interest rate is made up of “the index” and “the margin” (the profit fee charged by the lender). A good Credit Score lowers the margin significantly, saving you thousands or tens of thousands of dollars.

  • Yes! Credit Matters: Home Improvement

    With the money you save on your home loan thanks to a good credit score, you’re able to consolidate debt under one low interest rate, or pay for home repairs and home improvement, which could potentially increase your home’s market value.

Score Planner

See how different events might impact your Credit Score. The Score Planner is available to both members and non-members.

Types of questions you'll see:

  • icon-credit-card.pngWhat if I pay off that card?
  • icon-apply-car-loan.pngWhat if I apply for a loan?
  • icon-late-payment.pngWhat if I have a late payment?
Go see the Score Planner
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Question: Can I use my 401k as a down payment?

Answer: One of the most common reasons people borrow from their 401k is to get money for a down payment on a new home. This can be a great idea for people who won’t be ready to retire for many years—especially since you’re basically taking a low-interest loan from yourself. Keep in mind though that borrowing from your 401k may not be the best idea if you're likely to leave your job soon.

Taking good care of your credit can help you get the things you want. Get started now!

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