How Important Is My Credit History?

Your credit history is an important factor in determining the kinds of mortgage programs you will be able to qualify for. If you have a history of paying your bills on time, it's a signal to a lender that you are also more likely to make your mortgage payments on time. Your credit history can affect the amount of down payment that will be required, the maximum amount you can borrow, and the interest rate you are offered. That being said, even if you have no established credit history or your credit is less-than-perfect, you may still qualify for a mortgage if there are other favorable aspects to your application.