Mortgage Loan - Persistence Is The Key To Getting Approved
By Carrie Reeder
People with bad credit that
are looking to get a home mortgage loan or to refinance their existing
home mortgage loan, know how difficult of a job it can be to try and get
approved. Adverse credit history can mean a little more legwork to get
an approval for a mortgage loan, and especially to get a decent interest
Most mortgage brokers will
tell you that if they can't help you, no one can. That is simply not true.
Every mortgage broker or mortgage lender has access to very different
lending programs. A program that may be impossible for one broker can
be very possible for another broker. Some mortgage brokers have access
to lending companies that specialize in home mortgage loans for people
with less than perfect credit that have more lenient qualifications than
other sub-prime lenders do.
The key to getting approved
for a home mortgage loan with poor or bad credit is persistence.
Apply with online mortgage
brokers that will submit your application to multiple lenders, so that
you will receive at least 4 lender offers from each application that you
submit. These companies will submit your application to usually hundreds
of mortgage lenders that can help you with a refinance, purchase, second
mortgage or home equity loan and then remit the 4 best offers available
to you. These online mortgage broker services can help people in almost
every state from Florida to California.
The best thing about this process
is that most of these mortgage brokers won't even pull your credit when
you apply. That means that there is no risk to you for trying it out.
Usually when you have started to work with a specific mortgage lender,
that is when they will ask if they can pull your credit report. You may
already know that multiple inquiries on your credit report can drop your
credit score slightly, and if you have bad credit to begin with, you are
going to want that score to be as high as possible.
Talk with many different mortgage
loan brokers, if you can, have one mortgage loan broker pull your credit
and then ask him/her what your credit score is. Then, go to all the other
lenders you want to apply with and tell them your situation, with your
credit score, income and down payment information. Have them give you
some estimates of what they can do before they ever pull your credit.
There are many things you can
do to boost your credit score, but before you let your bad credit keep
you from getting into a home, be persistent and make sure you have applied
with or talked with as many different mortgage lenders or mortgage service
companies as you can. If you can apply online, that is a fast, easy way
to apply with many mortgage lenders and get responses quickly.
the Author: To view Carrie Reeder's list of most recommended bad credit
mortgage loan companies, visit this page: www.abcloanguide.com/lessthanperfectcredit.shtml.
Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan
website, with informative articles and the latest finance news.
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