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Your personal finances are a critical part of securing a mortgage. One important part of your finances is your credit; a higher credit score can lead to a lower cost mortgage.

It’s important to have open lines of credit with no debt, which can increase your credit score. Lenders typically look for at least three open trade lines, such as a Mastercard or department store credit card. Paying your credit card bills on time leaves your credit report with “paid current” for each line of credit and no derogatory items or delinquencies. It’s also critical to show a consistent payment history over time, so keep your credit accounts long-term. 

On the other hand, payment obligations can reduce your ability to qualify for the mortgage amount you want.  If you…

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