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Lenders use your credit report and
credit score to determine the overall risk they will assume
if they lend you money. The lower your credit score, the
more risk you entail. In order to cover themselves against
this risk, lenders will charge a higher interest rate
on loans to those with bad credit. They will also require
additional fees upfront in order to cover costs that can
usually be rolled into a loan. As shown in the “Cost
of bad credit” section, higher interest rates result
in substantially higher costs over the life of a mortgage. |
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