Bad Credit Home Loan - Apply Online and Keep Your Credit Score as High as Possible

If you have a poor or bad credit history with something in your past like a bankruptcy or a foreclosure, you know how difficult it can be when you try to get financing for a home mortgage purchase, refinance, home equity or second mortgage loan. Its important to be persistant in looking because there are home mortgage loans out there for people with bad credit.

There are many articles online that will tell you to be wary of subprime lenders, those lenders who specialize in doing hard to approve loans. There are many things to be careful of with subprime lenders, who can charge interest rates that are far too high and have unreasonable pre-payment penalties. However, if you shop around and talk to many different mortgage brokers, you should be able to find a lender that can get you approved and with an interest rate and terms that are fair.

The best way to make sure you are getting the lowest interest rate and terms possible, if you are looking to get approved for a mortgage loan after a bankruptcy or foreclosure, is to apply with as many different lenders as you can. You will want to compare as many mortgage loan quotes as possible to make sure you are choosing the best one.

When you have a low credit score and are applying with sub prime lenders, the main thing you need to be careful of is to make sure that your credit report is not pulled until you have pretty much decided which lender you are going to want to work with.

Every time your credit is pulled by a mortgage lender, your credit score will drop just a tiny bit. That is why you need to be careful. Sometimes even as little as a 5 point drop in your credit score can be the difference between getting approved or turned down for a mortgage loan. Most mortgage lenders, especially those that specialize in hard-to-approve home loans need a credit score of 585