Getting A Mortgage Loan With Bad Or Poor Credit
If you have tried applying for a mortgage loan recently, then you already know that the amount of credit information required to be provided is enough to make you want to reconsider that park bench downtown. Especially if your credit score is anything other than AAAA squeaky clean, you are going to have some uncomfortable moments trying to recall why you were late with those payments on your Visa card three years ago or why you missed that one car payment four years ago.
One of the things that most people kind of understand but do not understand fully is how the credit reporting system works. There are three major credit bureaus Equifax, Experian, and TransUnion. They do NOT share information between them so in effect you have three entirely separate and distinct views of you as a credit risk. This is why mortgage loan lenders get a copy of your credit report from each of these three credit reporting agencies.
Unless you have a good solid credit history that is so clean that it squeaks, you will undoubtedly want to raise your credit score, also known in mortgage loan circles as your FICO score, as high as it can possibly be. The reason for this is because your FICO score will determine if you get approved for the mortgage loan, and if you are, what the best percentage rate of interest that can be provided to you on that mortgage loan. With property costing as much as it does these days, even the different of a couple of TENTHS of a percentage can mean the difference of hundreds and even thousands of dollars being given to the mortgage lender or staying in your pocket.
Before you apply for a mortgage loan, you will want to get a copy of your credit report from each of the three agencies and look for errors. Yes, it is extremely likely that there will be errors, and if you can get those errors corrected with the credit bureau, then your FICO score will go up and you will probably be granted a better interest rate. For more information on this, you may wish to visit Raise Your Credit Score for more information on winning your disputes with the credit bureaus and how to go about it.
Understanding the process behind a mortgage loan and the various options available to you is the best way to keep as much of your money as possible in your pocket. It may take some time to get all your ducks lined up, but based on the money you stand to save by doing so, it will be very much worth your time and effort.
If you need more information about Bad Credit Mortgage Loans, please visit our web site at http://mymortgageloanguide.com
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