Kansas Bad Credit Mortgage Lenders

There are many companies that claim to help finance individuals with bad credit. These companies offer products and services to individuals who could be potential liabilities to lenders. In order to account for that risk, many of these companies charge a large loan fee and add serious interest rates to the already inflated 6.3% in Kansas today. If you are one of many people who wants to get their credit back in order, and who is looking to purchase a home, then there are a few things that you need to know before you decide to go into the market.

First, do your research. See what companies are offering in terms of interest rates and loan packages. Attempt to compile an average. Get names, interest rates, and quotes from at least 15 mortgage lenders. Many of these companies have online services that allow individuals to pre-qualify for loans, browse interest rates, and learn about the various kinds of loan options that are available to customers. This online research will pay off!

After you’ve done your research on mortgage companies, take some time to put together an application packet for yourself. Just as you would put together an application packet for college or graduate school, put together a portfolio of what you can offer to the lenders. Colleges and universities look for good grades, regular attendance, and diversity within classes, and so do lenders. Lenders like to see a variety of different credit sources, they like to see a consistent record of attending to your bills, and they like to see individuals whose credit scores are on the higher end. What they do not like to see is inconsistent payment history and negligence. Put together something that will sell you to lenders. If your credit is not good enough to apply to a program that suits your needs, consider doing some make up work. Begin by paying all of your bills on time each month, pay more than the minimum amount on your credit cards, and be committed to improving. Lenders will notice that you are working to improve your position, just as professors do. In the event that you still find yourself struggling, there are large lenders that offer resources and flexible financing packages to people with troubled credit in Kansas. Consider performing a search on LendingTree.com, or browse E-loan; Countrywide is also an active lender in Kansas with flexible resources for borrowers.