Finding A Bad Credit Mortgage - part 1
by Bob Hartz
Okay, repeat after me: "I am not a bad person. I was just a broke person." If you are going to take a checkered credit history and go shopping for a mortgage, you really need to leave those humiliating moments from the past IN the past. Remember that there are far more people who have had credit difficulties at some point in their lives than there are who have always had clean credit. You're not alone; in fact, you're a member of the fastest growing credit market today.
Know your Credit Rating
Focus on the task. Begin - and begin early, if you can - by looking over your credit record as it is represented in the reports of the three major credit bureaus: Equifax, TransUnion and Expedia. The accepted norm in the industry is that forty percent of all credit reports have errors in them. It takes a while to get those cleaned up, so leave yourself some time to do it before you go shopping for a loan. It's also important for you to be fully conversant about your credit record. Rocky credit is not always a cut and dried issue. If there was a period of late credit car payments that coincided with a divorce or major physical problems, the lender will take that into account. If you have big medical bills outstanding, those too are looked on as more bad luck than bad financial planning.
Mortgage Rates
People with bad credit who are awarded mortgages will be paying higher interest rates than people with good credit. That's a given; the question for you is how to minimize that difference. How do you keep your mortgage payments down in the initial stages of the loan, and how long will your credit rating impact your standing as a candidate for a mortgage?
Read the end of
Finding A Bad Credit Mortgage
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