Today your credit rating plays a very important role in the ability to obtain a mortgage. With stricter mortgage guidelines and lenders that are reluctant to fund loans, the higher that your credit score is, the better your chances are of getting a loan. It used to be that any credit score over 680 was considered excellent credit, but today, lenders look for scores that are … [Read more...] about 5 Ways to Ensure a Good Credit Rating
bad credit mortgage
Old debt can come back to haunt you, even several years down the road. If it has been a long time since you have made a payment and the credit card company has done everything possible to obtain the payment from you, they may charge the debt off. This does not mean that the amount no longer reports on your credit report; it actually reports as a charge-off, which is much worse … [Read more...] about Should you Pay off Those Old Debts Before Applying for a Mortgage?
The housing crisis of the last few years has put a damper on the number of home equity loans that are approved. This fact does not mean that it is impossible to get a home equity line of credit, but it does make it a little more difficult. If you have poor credit, you could wind up having to pay much higher fees or interest rates than you would have paid had you possessed … [Read more...] about Is a Home Equity Loan Possible with Bad Credit?
Consumers with low credit scores tend to feel as if they will not be able to get a mortgage with today’s strict guidelines on mortgage lending. Luckily, this is not true; there are many lenders that are willing to overlook a low credit score as long as there are other compensating factors that can put the pieces of the puzzle together. The entire economy went through a slump, … [Read more...] about Low Credit Score Borrowers Should Not Give Up
Many people are interested in buying a home after a foreclosure, short sale or some other type of financial hardship - which means that they will most likely have less-than perfect credit. What loan programs are available for people with less than perfect credit? Here are five programs that people can take advantage of who have bad credit. 5 Popular Loan Programs For … [Read more...] about 5 Popular Loan Programs For People With Less Than Perfect Credit