![]() There are also a number of websites, like Credit Karma and Credit Sesame, that offer credit scores when you sign up for their free services. Most credit card companies will provide your score on your monthly statement or anytime you check your account online. Today, there are many free options available. In the past, it was common for consumers to have to pay a fee to get access to their credit scores from one of the credit agencies. You may still be able to get a loan with a low credit score but it may be at a higher interest rate. Having a good credit score shows you can manage debt and will give you a competitive interest rate with a good or excellent credit. "That is, whether you'll be approved for a mortgage, and if so, at what rate." Get your credit in order "When it comes to homeownership, your credit score, along with your debt-to-income ratio, is a major factor in determining what your loan terms will be," says Shelby McDaniels, channel director of corporate home lending at Chase. Things to do before you apply for a mortgageĮvery homebuyer should make sure they are fully prepared before beginning the mortgage application process.
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