What you need to know: Credit scores & home loans - WALB.com, South Georgia News, Weather, Sports

What you need to know: Credit scores & home loans

Getting a loan to buy a home is becoming more difficult. And deceptive ads are making it more confusing and costly.

Albany Northside Mortgage owner Stacey Walker says the Dodd-Frank law changed the mortgage and banking industry. Your credit score now determines what you will qualify for.

Debt, late payments and collections will affect your loan and interest rates.

Walker warns buyers to beware of ads promising rates that seem too good to be true. She suggests you shop around and pull your own credit score. Walker says When a lending institution of any sort pulls your credit it effects your credit score because of the inquiry. she says "If you go on and pull your credit through CreditKarma or freecreditscore.com it doesn't count against the credit score."

Walker says you can bring your credit score in to Albany Northside Mortgage for a loan assessment at no cost.

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