Mortgage rates have dropped by over half a point over the last year. You can lower the mortgage rate a lender offers you by over three-fourths of a percentage point by increasing your credit score. In the best-case scenario, that could save you more than $60,000 in interest over the life of a $300,000 home loan and reduce your monthly payment by $168. (Based on the interest rate difference from the lowest to the highest credit tier on a loan with 20% down and one discount point, which we’ll dive into below.)

 

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