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Taking out a mortgage is a big financial move. Not only will it result in what’s likely your biggest monthly expense to date, but it can also have a major impact on your credit score. Stay on top of your payments and make them on time, every time, and you’ll see a credit boost. Fall behind, and your score could plummet — or you might even face foreclosure.
This is why it’s critical to understand the costs of your loan before signing on that dotted line. You should know what payments you’ll owe, how much interest you’ll pay over the life of the loan, and how the new mortgage could impact your personal finances.
Are you preparing to take out a $300,000 mortgage? Here are the costs you should prep for before you do.
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