Finding a Bad Credit Mortgage
Finding a Bad Credit Mortgage
If you are looking to purchase a home or refinance the one you
are currently living in, but believe this may not be a
possibility for you because you have bad credit, think again.
Just because you have bad credit does not mean you will not be
able to receive a mortgage. In fact there are many lenders out
there across the United States that are know as wholesale
lenders that specialize in lending money to people with bad
credit.
The names of these wholesale lenders may not ring familiar to
you because they are not the typical lending institutions you
see on the street corners of your town, otherwise know as banks.
The first thing you will need to do is locate a few of these
wholesale lenders and shop around for a deal you believe to be
fair. If you do not have success finding these lenders on your
own, you may want to consider using a broker and have them shop
around for you.
A broker is not a lender. What they do is assess your situation,
than shop around for a lender that deals with bad credit
mortgages.
Brokers have access to hundreds of lenders across the country
and they can usually find one that has a program that may fit
your needs.
Using a broker may not be such a bad idea, they are usually very
experienced in their field and will not only find a bad credit
mortgage lender for you, they will also council and educate you
along the way.
Keep in mind, just because your credit may be less than perfect,
does not mean that you are at the mercy of the mortgage
companies, you are not.
Mortgage companies are very competitive, especially among the
wholesale lenders, so be sure to shop around. Don't limit
yourself to contacting only one broker, say no more than four.
Allow for each to assess your situation, than base your
consideration of which one you will use on the rate and program
that they offer you. Good luck.