Your FICO Score is a critical factor that can affect your mortgage loan, interest rates and its terms.
Fair Isaac Corporation developed mathematical formulas used to produce FICO scores. This score was created to provide mortgage companies, banks and other creditors a measurement of your credit worthiness.
The higher the score, the better your interest rate will be. If you have marginal credit, select a lender that will help you get a higher credit score over time.
Learn More about Home Loans:
- Learn about Being Pre-Approved for a Home Loan Before You Start Viewing Homes
- 14 Questions to Ask Every Lender
- How to Choose a Mortgage Professional