When you apply for a mortgage loan, the lender looks at a number of factors to decide if you are likely to repay the loan. Some of these factors are:

• Credit report
• Credit score
• Credit history with that lender
• The amount of debt you already have
• How much you have in savings
• Your total assets
• Current income
   

Usually, the lower your credit score is, the more you will have to pay in interest.

TIP: Don’t apply for a lot of new credit in a short time, especially if you are getting ready to get a mortgage. Doing so may negatively affect your score. Your credit score may decline if you have too many credit accounts. It can also go down if you apply for or open many new accounts in a short time. However, when you request your own credit report, or when your existing creditors check your credit report, those requests to see your credit report should not hurt your score.