Your credit score is one factor we use to help us figure out how much you can afford to borrow, what type of loan is best for you and how much interest you’ll pay. Your credit score is like a summary of how you’ve paid on your debts in the past. The better your pay history on those debts, the higher your credit score. The higher your credit score, the better rates you’ll be able to get. This can lead to significant savings over the life of your mortgage. It’s a good idea to know your credit score and ways to improve it before you go shopping for a loan.