A Bad Credit Mortgage is useful for someone who has a bad credit history, or no credit history at all. This is not a reason for you not to get the home of your dreams. We work with lenders who can finance anyone – no matter what your credit score is. One thing to keep in mind is that some lenders will charge higher interest rates, or require more down – but each lender is different so always get a couple of quotes.
How can I go about getting a Bad Credit Mortgage?
Apply for a Bad Credit Mortgage with us. Click here to find out more.
How does my credit score affect my mortgage rate?
Your credit score always affects your mortgage rate, but that doesn’t mean you won’t be offered a loan if you have bad credit. The first step is to find out what your credit score is. You can get a free credit report online. If you score between 720 and 850 you are A-Paper; you have good credit and will get a competitive interest rate. Any score below 620 is SubPrime, but many bad credit lenders will lend to customers with scores as low as 500. The disadvantage is that as your credit score drops, your interest rate climbs.
How can I repair my Bad Credit?
The most important step to repairing your credit is to know what is on your credit report. Request a copy of your credit report, and go over it diligently. If there are any errors, contest them and be persistent. If all the information on your report is true, then begin by paying all your bills on time. If necessary, re-budget your living expenses. You may also find you need a Debt Consolidation Loan to get out of a sticky situation.
What are some differing characteristics of Good Credit VS Bad Credit?
People with Good Credit have established their history with auto loans, mortgages, and credit cards. They have not had an outstanding payment for more than thirty days. They have had no missed payments within the last twelve months. People with Poor Credit are over eighteen years old and have no credit history, or have been reported to a collection agency within the last ten years. They may have had bankruptcies or liens within the last seven to ten years.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.