The market for mortgage loan is a huge one. Pretty much anyone
with good or bad credit can get a mortgage loan. Many of the
mortgage companies are now opening up to people with bad credit
in the past.
Many loan and mortgage lenders specialize in giving loans to the
population with poor credit. If does not matter, how poor your
credit it, chances are bright you will get a mortgage loan.
When credit is sub par, you will need to work harder to get the
loan you deserve. In most cases, interest rates you pay on the
loan will be higher. Hence, it is imperative that you call up at
least a few mortgage loan lenders to get the best possible loan.
Bottom line is poor credit cannot hold you down if you are
determined to get the mortgage loan or a refinance loan.
You will be classified as having sub par credit or poor credit
if you have a bankruptcy on your credit report. A Chapter 7
filing for bankruptcy will lessen the chances of a mortgage loan
compared to a Chapter 13 filing. A foreclosure lawsuit is
another important entry in your credit report. It can also have
a negative impact on interest rates being charged on your
mortgage loan. If you have a debt collection agency chasing you,
it gets noted in your credit report and this will also influence
you chances of getting a mortgage loan. Any judgement against
you will result in a poor credit.
Your poor credit perspective is actually given by a score called
as FICO score. This score is stored with your credit file
referred to by your creditors. The higher you FICO, the better
are your chances of getting a loan with the rates you dreamt of.
A grading of A, B, C and D is given based on your FICO score. A
grade of D is classified as a poor credit rating.
It is best advised to contact multiple mortgage loan lenders and
get the best quote possible when dealing with poor credit.
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