Mortgage lenders evaluate an applicant's FICO scores from one or more of the three major credit reporting bureaus: Equifax, Experian and TransUnion. Individual FICO scores reflect the credit history of the applicant, and the scores with each bureau can differ slightly.
The FICO scores will determine whether a mortgage lender thinks that the applicant can take on a mortgage. It will also play a part in determining the interest rate for the loan. People who have better FICO scores are subject to lower interest rates, which can also reduce the monthly payment and overall amount that is required to pay off the loan over time.