B, C or D Credit is no longer an Issue
Did you know that getting a mortgage today with B, C or D Credit is easier than ever? Mortgage specialist say lenders across American have revised the way the consider clients ability to repay mortgage debt. Having charged off debt, low credit score and inconsistent job histories use to prevent most consumers from obtaining a home. Now Lenders look far beyond just the typical pitfalls that use to prevent consumers from buying their dream home of refinancing. What lenders consider vital in their decision making process today, is your credit score. So keep reading to find out how to get a mortgage with bad credit.
Having a good credit score weighs heavily in the decision process as most lenders today use automated systems when qualifying potential clients. Keep in mind the approvals engines are not necessarily looking at old bad debt, the engines are programmed to look for assets, credit score, loan to value and ratios. We recommend clients who have B, C or D credit to always obtain a copy of their credit report before they think of buying a home. Clean up any incorrect issues on the report before the lender has the ability to look over the report. Changing one simple error on your credit report could boost your score as much as 30 points. Those 30 points could get you a half percent lower interest rate. You can get a free copy of your credit report annually from www.annualcreditreport.com.
Also, your credit score is now something you will need to be aware of in today’s financial industry. Most lenders will ask you during the application process to tell them your credit score just to see how in touch you are with your credit. Having a good idea of what your score is would be wise. They will be more likely to grade your mortgage based on how close you are to your score versus how far off you are. To learn more about credit scores and how they work go to www.myfico.com to learn more about how lenders view credit scores and how to improve you credit score.
How to get a mortgage with bad credit often depends on how hard you are willing to fight for it. Sometimes you will simply have to crawl before you are able to walk. Reason, since your credit was damaged, most lenders will charge you a much higher rate until you are able to prove your credit worthiness again. What we recommend is that you take the mortgage even if the rate is slightly higher and continue repairing your credit. After about 12 months of mortgage payments, you should be able to refinance your mortgage to obtain a much better interest rate and payment. So never ask the question again, can I get a mortgage with bad credit? If so, They answer is yes! Click below to see just how Fast and Easy it really is.