Some lenders got trapped in the subprime mortgage crisis. Consequently, many lenders severely tightened the loan process to halt any future losses. When you decide to look for a mortgage lender, you need to locate one which has the lowest rates and is likely to make you a loan. Also, you might want to make sure they haven't tightened up on lending so much that you might be wasting your time and energy applying for such a loan. Getting your credit above 580 is a huge factor, and will be discussed in more detail later in this article.
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Quicken Loans is know to work with less than perfect credit, and is the industry leader in bad credit loans. Their application process is simple and straightforward. They are not going to charge you any fees to apply for the loan or get approval. Please realize, you will be paying a much higher rate due to your poor credit score. The reason this happens is because you are a much higher risk to the lender. The high risk is, as a result of your credit history, you may not be able to pay the lender back, you have a higher risk of defaulting on the loan. This must be factored into the loan.
There are some steps you might want to consider to obtain a better credit rating prior to the application of the mortgage loan. You can hire an expert to repair your credit. By doing this, you stand a much better chance of getting approved and saving a substantial amount of money. You see, someone with an excellent credit score of 780 can get a loan at 2-3 points below someone with a poor credit score. Your credit rating will determine how good a deal you can actually get. A poor credit score will probably cost you hundreds of thousands of dollars over the life of the loan. With bad credit, you can probably count on getting a loan for anywhere from 8 to 10%. This all depends on economic conditions and what the base rate is at the time of application.
A terrific credit score of 780 will probably save $200 or $300 per month on a small $100,000 loan. So the best thing you can do at this point, is work with somebody that is an expert and credit repair. But first, I would suggest that you look at your own credit information and do some cleaning up on your own credit before hiring an expert. You must get your score above 580 to have any chance of a decent payment.
Trans Union, Experian and Equifax are the big three credit reporting agencies in the United States. Each one may have different information about you, so I suggest checking all three and correcting any errors you may find through the dispute process.
You can either do this online or through the mail. Obviously, online will be much faster.The first thing to do, is attempt to get all of the negative items removed from your credit records. Dispute everything that is not factual or true. Everything over 7 years old must be removed except for items included in Chapter 7 bankruptcy. Chapter 7 stays on your record for 10 years. After 10 years, all old items must be removed.
All request to credit reporting agencies must be verified in 21 days or they must be removed per state and federal law. The best place to go to check your credit is: http://freecreditreports.com. You're entitled to one free credit report from each agency each year.
Remember, get your credit rating up above 580 minimum, try Quicken Loans and go to work on your free credit reports. I wish you luck and hope this information was helpful to you.
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