When buying your first home, have a good credit history can save you thousands in mortgage interest costs.
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Buying your first home is exhilarating — and expensive. Before you begin your search, it helps to know where you stand in terms of credit rating, as your lender will be looking closely at your down payment, your income and your credit history to determine how much you are qualified to borrow and at what interest rate. The worse your credit is, the more your mortgage will cost you in terms of a higher interest rate. Cleaning up your credit before you buy can save you thousands in interest costs. (Back to glossary of common credit card terms.)
Glossary terms to know when buying a house
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