![]() |
Bad Credit Home Loan - Apply Online and Keep Your Credit Score as High as PossibleIf you have a poor or bad credit history with something in your past like a bankruptcy or a foreclosure, you know how difficult it can be when you try to get financing for a home mortgage purchase, refinance, home equity or second mortgage loan. Its important to be persistent in looking because there are home mortgage loans out there for people with bad credit. There are many articles online that will tell you to be wary of subprime lenders, those lenders who specialize in doing hard to approve loans. There are many things to be careful of with subprime lenders, who can charge interest rates that are far too high and have unreasonable pre-payment penalties. However, if you shop around and talk to many different mortgage brokers, you should be able to find a lender that can get you approved and with an interest rate and terms that are fair. The best way to make sure you are getting the lowest interest rate and terms possible, if you are looking to get approved for a mortgage loan after a bankruptcy or foreclosure, is to apply with as many different lenders as you can. You will want to compare as many mortgage loan quotes as possible to make sure you are choosing the best one. When you have a low credit score and are applying with sub prime lenders, the main thing you need to be careful of is to make sure that your credit report is not pulled until you have pretty much decided which lender you are going to want to work with. Every time your credit is pulled by a mortgage lender, your credit score will drop just a tiny bit. That is why you need to be careful. Sometimes even as little as a 5 point drop in your credit score can be the difference between getting approved or turned down for a mortgage loan. Most mortgage lenders, especially those that specialize in hard-to-approve home loans need a credit score of 585 - 600 or higher in order to do 100% financing with no money down on your home loan. The bottom line is, you will need that score to be as high as possible. Most lending institutions will not want to pull your credit report initially, until they are sure you are serious about getting approved. It costs the lender money to pull your credit, so it is in their best interest to wait until they know you are serious before they pull your credit report. So, make sure when you apply for a mortgage loan, that your credit is not being pulled with your initial application. When applying for a mortgage loan online, here are some ways to know that your credit is most likely not being pulled. 1. Did they ask you to describe your credit? If they asked you to describe your credit, that is because they are probably not going to pull your credit initially. 2. Did they ask for your social security number? If they don't have your social security number, they can't pull your credit. 3. Search their website to see if they tell you whether or not they will pull your credit report initially. It may be listed under their frequently asked questions. To view our list of recommended lenders who do purchase financing or refinancing for people with bad credit or less than perfect credit, visit this page: Bad Credit Mortgage and Home Loan Lenders. Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan website with informative articles and the latest finance news.
How to refinance your mortgage and save money every month Business Insider Where Are Homeowners Successfully Refinancing? The New York Times Mortgage rates settle after an up-and-down week The Washington Post Detroit-based mortgage giant Quicken Loans on pace to set home loan record Detroit Free Press Report: More than 6.8 million homeowners can cut their mortgage payments with refinancing - KHOU.com How to know when to refinance your mortgage KIIITV.com Mortgage rates move higher on encouraging trade developments The Washington Post Mortgage rates today, December 10, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates fall to lowest level in six weeks The Washington Post 10 Housing and Mortgage Trends for 2020 NerdWallet Mortgage rates today, December 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Experts predict where mortgage interest rates land in 2020 The Dallas Morning News Mortgage credit standards are loosening, it may be easier to get a loan The Mortgage Reports Millennial mortgage refinances continue ascent National Mortgage News Mortgage rates today, December 5, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports United Shore has record-breaking year, gives away Cadillacs to 13 employees Detroit Free Press Mortgage rates today, December 4, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates rise following strong jobs report - Real Estate - seacoastonline.com - Portsmouth, NH Seacoastonline.com Mortgage rates today, December 9, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 22, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Getting a granny flat loan is easy peasy OCRegister Paying off your mortgage vs. investing: Here's what could save you the most | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports French Banks Must Respect Mortgage Lending Standards: Watchdog U.S. News & World Report St. Anne’s names new mortgage specialist Wicked Local Plymouth Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral Refi boomlet pushed October's mortgage prepays to six-year high National Mortgage News Renting out a room? Here are the most common regrets The Mortgage Reports Expanding Alternative Mortgage Options Jewish Link of New Jersey How long does it take to refinance a mortgage? Bankrate.com HELOC alternative Hometap raises $100M in new capital National Mortgage News Should I refinance my mortgage while rates are low? Bankrate.com 5 common myths about refinancing your mortgage Bankrate.com FBC Mortgage Named Title Sponsor Of Cure Bowl SportsLogos.Net News What to know before refinancing your home loan The Washington Post Decline in refis brings down mortgage applications Mortgage Professional America Good time to refinance your mortgage? Fox Business Denver's Third-Tallest Skyscraper Refinanced milehighcre.com What Is Mortgage Refinancing? Motley Fool Sims Mortgage refinancing cuts SNF interest rate by 60% - Products McKnight's Long Term Care News TRANSACTIONS: GCP Capital Group arranges $66450000 of financing Real Estate Weekly Figure Closes Series C Round of $103 Million to Expand Lending Products and Executive Hires Business Wire Refinancing my mortgage lowered my monthly payment by $200, but I wish I'd known 5 things beforehand Business Insider Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch Refinance mortgage rate moves higher for Monday Bankrate.com Nearly 6 Million People Are Eligible To Save Money With Mortgage Refinance, Report Finds Bankrate.com Mondrian Park Ave. Hotel gets $135M in refinancing Real Estate Weekly Refinance mortgage rates mixed for Wednesday Bankrate.com Mortgage sector on its longest winning streak since the end of 2017 National Mortgage News Refinance mortgage rate moves up for Thursday Bankrate.com Refinance mortgage rate falls for Thursday Bankrate.com 4 irresistible perks of a VA mortgage refinance Bankrate.com Refinance mortgage rate slides for Thursday Bankrate.com
|