Invest In Yourself

Everyday we spend our time and money in various places and with various people but what are we really investing in. Most people are not aware of the fact it is really not that difficult to get approved for a mortgage. I myself personally know lenders that approve people with credit scores as low as 580. Furthermore if I tell an individual that they have been approved for a mortgage and that their interest rate is going to be below 5% most people would believe that that is a great deal. However that's not the case. If a person with a 620 score gets a mortgage the interest rate will be around 4.6% with a payment of $765 & pay $126,000 interest over the life of the loan versus a person who has a 720 w/a interest rate of 3.1% monthly payment of $647 & total interest of about $83,000. The scenario above paints the picture of a good deal versus a great deal or either a good deal versus a better deal. I mean if you get an interest rate below 5% that is not particularly a bad deal but there is a better deal available if that person is willing to make the proper investments in getting their credit score higher. So lets look at the numbers again, not only will you save $118 per month, which is $1,416 a year but also you will save $43,000 over the life of the loan. If we calculate $1416 a year times 30 years which is the average life of a mortgage then that brings the total amount to $42,480. Now if we add the amount you have saved on your monthly payments over 30 years $42,480 plus the interest saved which is $43,000 that amount equates to $85,480. When we look at that amount that is a pretty good amount that's saved imagine if that amount is saved or placed in an interest earning savings account. This is only what a person can save on the mortgage imagine what you can save in auto rates, credit card interest, etc. The greatest investment is one that you can make in yourself. Decide to make an investment in your future today.