Lower credit scores may lead to $104,000 more in mortgage costs

As today’s prospective home buyers confront high home prices and rising interest rates, there’s one thing they can do to save money — raise their credit scores.

“This is one actionable thing buyers can do to save a little bit of money in this market,” said Amanda Pendleton, consumer finance expert at Zillow Home Loans.

A new analysis from Zillow finds home buyers with lower credit scores may pay $103,626 more over the life of a 30-year fixed mortgage loan than someone with an excellent score, based on the current price of a typical home, $354,165.

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