A very basic—and yet extremely
important—factor in your ability to get a mortgage is your
credit rating. It is not a secret that the best interest rates,
as well as most flexible loan terms, are available only to those
with the strongest credit scores. Your credit history is one of
the principal measures used by a lender to determine your interest
rate. Not only will your monthly mortgage payment depend on your
interest rate, but the amount you qualify to borrow will be affected
by it as well. A higher interest rate translates into a higher
payment and may reduce the loan amount for which you qualify.
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