 TITLE: How Far Will Your Salary Get You When Buying a House? CONTENT: How Does Credit Affect Mortgage Affordability?\n----------------------------------------------\nA crucial factor in calculating your monthly mortgage payment is the loan's interest rate. To help determine what your interest rate would be, lenders review your credit report and credit score in addition to other factors.\nIn general, borrowers with higher credit scores can secure lower interest rates because they're able to show that they've managed their debts well in the past. In the lender's eyes, this positive payment history lessens the risk that the borrower will default on their monthly mortgage payments.\nOn the flip side, a low credit score could result in a higher interest rate or even the outright denial of an application. The minimum credit score for a mortgage loan can vary based on the lender and the type of loan you're applying for. END