Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Friday, February 13, 2009
If you have bad credit and want to get a mortgage loan do not despair. There is still hope. In fact there are several ways that you can still qualify for a mortgage loan. So let's look at what is one of the best and cheapest options.
Most people that can't initially qualify are going to take the same first step. They need to get a copy of their credit report. After all if you don't know what is wrong with your credit then you will have a hard time getting it fixed.
Since most people with a credit score of 500 do not qualify for even a bad credit mortgage loan we need to fix our score. If you fit in this category then you are likely in luck as the steps are not that hard to get a score above 600.
The initial step is to go to your mortgage broker and ask for a credit report. Yes, you could use another service but they will charge money for it. A mortgage broker has an incentive to give it to you for free. He wants to sell you a bad credit mortgage loan.
If you have been penalized due to late payments then you have an easy fix. Simply call your credit card companies up and find out how long you have to make payments on time before they will lift the penalties.
When your main penalties are because of late payments you can easily fix it. Just call your credit card company and find out how long you need to pay on time to get the penalty removed.
Once you know the info you need to make your payments on time. Over the course of a few months you can bump up your credit score quite a bit. You then want to go back to your mortgage broker and see if you qualify for a bad credit mortgage loan.
If you still don't qualify then talk to your mortgage broker to see if there are other options available to you. In a lot of cases you can get a home with a high interest rate. You can also buy your house the old fashioned way by putting 20% or more on the down payment. The days of the super easy loan may be over but you can still get bad credit mortgage loans.
Most people that can't initially qualify are going to take the same first step. They need to get a copy of their credit report. After all if you don't know what is wrong with your credit then you will have a hard time getting it fixed.
Since most people with a credit score of 500 do not qualify for even a bad credit mortgage loan we need to fix our score. If you fit in this category then you are likely in luck as the steps are not that hard to get a score above 600.
The initial step is to go to your mortgage broker and ask for a credit report. Yes, you could use another service but they will charge money for it. A mortgage broker has an incentive to give it to you for free. He wants to sell you a bad credit mortgage loan.
If you have been penalized due to late payments then you have an easy fix. Simply call your credit card companies up and find out how long you have to make payments on time before they will lift the penalties.
When your main penalties are because of late payments you can easily fix it. Just call your credit card company and find out how long you need to pay on time to get the penalty removed.
Once you know the info you need to make your payments on time. Over the course of a few months you can bump up your credit score quite a bit. You then want to go back to your mortgage broker and see if you qualify for a bad credit mortgage loan.
If you still don't qualify then talk to your mortgage broker to see if there are other options available to you. In a lot of cases you can get a home with a high interest rate. You can also buy your house the old fashioned way by putting 20% or more on the down payment. The days of the super easy loan may be over but you can still get bad credit mortgage loans.
About the Author:
Roger knows a lot about mortgages bad credit and other types of home loans with bad credit.
posted by Credit Counseling at
9:27 AM
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