How does my creditworthiness affect mortgage financing?

Your creditworthiness, also known as your credit rating, is a crucial factor that significantly impacts the terms of your mortgage financing. Good creditworthiness can offer you numerous advantages, most notably lower interest rates. This means you will have to repay less money than you originally borrowed. Conversely, poor creditworthiness can significantly increase the cost of your mortgage financing. In extreme cases, poor creditworthiness might even result in being denied a loan, which could seriously hinder your construction plans.