Credit scores and mortgages are two things that go hand in hand.

Just like you can’t have a sundae without chocolate syrup, you can’t get into a good mortgage without a good credit score.

Yes, you can get into a mortgage (sometimes) with a bad credit score but you will definitely pay the price with a sky-high interest rate. These loans are known as subprime loans and are issued to homeowners with poor credit scores.

That is why it is so important for the general public to be aware of how much their credit score will affect their mortgage application.

Take time to clean up your credit report and improve your score and you will surely reap the benefits for years to come.

A recent article by Elizabeth Razzi of about.com, “How credit scores affect mortgage rates,” discusses the importance of having a good credit score if you are looking to buy a home or refinance into a different mortgage product.

Taking out a mortgage is nerve-racking enough as it is, which is why it is so essential to have a good credit score so the process is much easier and less stressful.

“It has overtones of Judgment Day, sitting before a loan officer and applying for a mortgage. Are you creditworthy? And to make that judgment, mortgage lenders will review your all-important records, namely your credit reports and credit score.”

The first thing a potential borrower needs to do before they even think about taking out any type of home loan is to carefully look over their credit score. Make sure there are no errors or inaccuracies on any part of your report.

Clearing up any errors will help to improve your score, so make sure you do so right away, because depending on the error it can be a lengthy process.

Next, if your score is lower than you expected, you should work diligently to improve it as soon as possible.

“You also can improve your FICO score by paying down outstanding balances on your credit cards, says Craig Watts, public affairs manager for Fair Isaac Corp. ‘If you're only interested in improving your FICO score, you should start with accounts that are closest to the credit limits.’ Even if you never miss a payment, borrowing a large percentage of the credit that is available to you hurts your credit score.”

Also, do not close any open accounts, even if you never really use them, because most of the time it will not help your score.

“‘Closing an account will never improve a FICO score, and in some cases it can inflict harm on a credit score,’ says Watts. That's because, if you've closed one or two credit accounts, but not reduced your overall borrowing, you've boosted your ratio of indebtedness compared to the total amount of credit available.”

Getting your credit score to the highest level possible will ensure you have a happy and financially favorable mortgage deal.