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How to Apply for a Mortgage with Bad Credit - The Bills.com Blog
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How to Apply for a Mortgage with Bad Credit
Thursday, Oct 18, 2007
Question: Can you still get a home with bad credit? How high would your interest rate be? Should you try to get approved for a mortgage loan before or after trying to clear up bad credit?
Credit rating is one factor in making a loan decision. Given your bad credit status, which is most likely reflected by late payments or maxed out account trade lines on your credit report, it will be more challenging to get approved for a loan. But... there is hope. You can contact your creditors and ask them to "re-age" your accounts and/or you can try to improve your credit by paying down or off credit card accounts and getting inaccurate marks removed.
Keep in
mind, however, that if you have accumulated equity or have a sizable down payment, that could provide the cushion in an LTV (loan-to-value) calculation to get your approved. Your debt to income ratio will also be very important, particularly if you have bad credit.
Most of all, it cannot hurt to apply and see what lenders think of your own situation.
Bills.com makes it easy to compare mortgage
Most of all, it cannot hurt to apply and see what lenders think of your own situation.
Bills.com makes it easy to compare mortgage
offers and different loan types. Please visit the loan form page and find a loan that meets your needs.
I hope that his helps you make the right decision for your particular situation, but be sure to shop around and find a loan that meets your needs.
If you would like more information, please visit our mortgage resource page.
We hope that this helped you to Find, Learn, and Save!
Best,
Bill
www.bills.com
I hope that his helps you make the right decision for your particular situation, but be sure to shop around and find a loan that meets your needs.
If you would like more information, please visit our mortgage resource page.
We hope that this helped you to Find, Learn, and Save!
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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