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MoneyTips

Your credit score is one of the primary items that lenders check when they consider loaning you money. A lower score means greater risk, and lenders will charge you a higher interest rate because of that difference – but how much could it cost you over the lifetime of a loan?

According to a new study from LendingTree, if you have only fair credit instead of very good credit, the difference can cost you over $45,000.

LendingTree analyzed loan data from their database to assess the costs of a lower credit score as applied to five different sources of borrowing (credit card debt, personal loans, auto loans, student loans, and mortgages). Interest was calculated based on the average loan amount for each type of credit. Combined, the loans totaled $310,263 – dominated by the average mortgage loan of $234,437.

At interest rates available with very good credit (740-799), the total interest payment over the lifetime of all five credit sources was $212,498. At t...

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Cause Of Death: Low Credit Score

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MoneyTips


Waiting to Buy

According to a new study by the Urban Institute, millennials are waiting longer than previous generations to enter the housing market. Approximately 8% fewer millennials of ages 25-34 own homes as compared to baby boomers and generation Xers at the same point in their lives.

Why are millennials late to homeownership? The Urban Institute provided several reasons:

External Factors

The study found three primary external factors keeping millennials from entering the market.

1. Lack of Supply – Affordable housing is rare in more popular urban areas that millennials prefer (and where jobs are located). Housing starts are at approximately 1.2 million – an improvement from the post-housing crisis 550,000 units in 2009, but still below levels from the 1960s. Low supply leads to high prices even for modest homes.

2. Tight Cred...

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Tobacco baskets, those simple, flat, rectangular or square woven baskets once used to display tobacco leaves at markets in the South, are now being used for amazing home decor pieces. And, you don’t have to scour flea markets in the South, either, to find a wide selection of these baskets. You can go to your favorite craft or home decor store to find this new decor trend.