What your credit score means for your mortgage : Does your credit score affect getting a mortgage? It sure does. Here’s how and what to do about it. When it comes to buying a house, your credit score is a lot like your old SAT score. A high one is a distinct advantage. A mediocre one isn’t the end of the world, because other factors matter too. But a very low score? Well … that’s a little harder to overcome. You might need a do-over. Here's the deal: your credit score—specifically your FICO score —is basically an assessment of how you handle debt. It tells lenders how dependable you’ll be at paying back a loan. That means your score can determine whether you’ll qualify for a mortgage at all, as well as which loan options might be available to you. And once you do qualify, it usually affects your interest rate, which determines how much you’ll pay over the life of your loan. Which for most of us means the next 30 years. Lastly, it can also affect the fees asso...
