 TITLE: What’s a Qualified Mortgage? CONTENT: Do Credit Scores Affect Qualified Mortgages?\n--------------------------------------------\nA major mortgage feature that isn't addressed by Qualified Mortgage requirements is the loan's interest rate. Just as they were in the days before QM rules, mortgage interest rates are set by lenders, based on your creditworthiness, as reflected in your credit history and measured by your credit score. A history of good debt management, including timely payments and moderate usage of your available credit limits, will tend to raise your credit score and help you qualify for a mortgage with the lowest interest rates, whether the loan is a Qualified Mortgage or not.\nTo know where you stand before you apply for a mortgage, it's a good idea to check your credit scores and review your credit reports from all three national credit bureaus (Experian, Equifax and TransUnion), which you can do through Experian or for free once a year at AnnualCreditReport.com. If your score isn't as strong you might hope, consider taking some steps to spruce up your credit before you apply for your mortgage.\nQualified Mortgage standards are helping shore up mortgage lenders and the government-sponsored companies that package them for Wall Street investors, and they're also making mortgages a little less risky for consumers. They make applying for and gaining approval on mortgages a bit more challenging, but they also make the mortgage market more stable and secure. Whether you end up seeking a QM or non-QM loan, establishing and maintaining a good credit history can help you get the best mortgage deal you can get. END