PART II Credit Score and Mortgage APR has a significant factor as it can either force you to pay significantly more interest or less. Say for instance you had a credit score of 670 and your loan principle amount was 5,000 according to myFICO website you would only have an 8.340% APR and pay a total of $8,637 in intrest. However if you had a score of 750 your APR would be a 6.527% and would eventually only pay 6,409 in interest. So the lower your credit score the higher your APR and interst paid will eventually be. Buying vs. renting is a common question to many future homeowners. Some of the advantages to Renting is it makes it easier to move so if you are in a job that has a high transfer rate that would be the most reliable option. However, if that is not the case why not buy your home because one of the advantages would be you could itemize your property tax and interest payments on your annual tax return. The fact is your choice
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