Most home buyers know their credit score plays a role in the mortgage application process. Why Credit Score MattersAccording to Robert M. Barthelmess, managing partner at BGI Capital, the impact credit scores have on interest rates is undeniable. “Undoubtedly, a high credit score is the biggest contributor to the rate you get on the loan,” Barthelmess said. “A credit score can impact which type of financing a loan applicant qualifies for, the initial costs, and long-term effects of rates and fees,” Lewis said. “The greater a borrower’s need, the more important their credit score becomes,” Barenblatt said.

Source: Forbes May 16, 2018 12:00 UTC