Why is Your Credit Score So Important When Applying for a Mortgage in North Palm Beach? When a lender is determining your mortgage rate, they typically look at your credit history and score to learn more about your financial past. The better you’ve been at handling those financial obligations, the higher your credit score. The higher your score, the lower your interest rate will be. In the lender’s eyes, they believe you’ll be less likely to default on your mortgage when you have a higher credit score. High credit scores indicate that an individual is sound financially and has proven that they are able to meet their financial obligations. Consequently, they have a greater chance of getting a competitive interest rate and lower monthly mortgage payments as a result of their past credit history. Over the term of the loan, this can save you a significant amount of money. However, there are loan programs for individuals with less than perfect credit scores. There are several things you can do to improve your credit score. For instance, you can look for errors on your credit report, ensure that your bills are paid on time, and reduce any of your credit card debt to below 30% of your credit limit. Furthermore, don’t apply for any new credit and don’t close any of your credit card accounts. https://www.google.com/maps?cid=16078107654513933374