I've only been late a couple of times on my credit card bills. Does
this mean I will have to pay an extremely high interest rate?
Not necessarily. If you have been late less than three times in the past year,
and the payments were no more than 30 days late, you probably have a pretty
good chance at getting a home loan at a competitive interest rate. Lenders guidelines
will vary, but most lenders will excuse a couple of minor 'late-pays' as long
as the borrower can provide a reasonable excuse explaining them (i.e. job transition,
illness). If the late-pays were 60+ days late and cannot be explained, you may
have to settle for a higher interest rate.