How Does My Credit Score Affect My Home Loan?

Your credit score helps lenders determine your ability or inability to repay a mortgage. It helps the lender determine their risk in making the loan.

A low credit score can affect your ability to qualify for lower interest rates, or it may increase your mortgage fees. It is possible to be approved for a mortgage loan with a low credit score, but you may need to reduce the amount you plan to borrow or have a co-signer.