Bad Credit Mortgages

Tired of renting?

Is your credit score preventing you from realizing your dream of owning your own home? For many, the fear of not knowing what kind of credit they have prevents them from even applying for a mortgage or home loan. Before you begin to discount purchasing the home of your dreams, try obtaining your confidential credit report from a service like Experian©, which searches from the three largest credit reporting companies in the nation for a nominal fee. The credit report will reflect any missed or late payments on services or credit cards, bankruptcies, or miscellaneous items that have been sent to collection agencies.

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Understanding the Credit Score.

Today, the average credit score is between 650 and 700 (site source), which by many high profile lenders’ standards, is unacceptable. This affirms the fact that the term “good” credit is a subjective one, and it shouldn't discourage potential borrowers from investing in the opportunity of purchasing their own home. You may discover that your credit is not as bad as you had anticipated, and that so-called “bad” credit might just be average credit. It is very important to remember that upon receiving your credit report you should carefully review all of its contents to ensure that there are no incorrectly reported items that may warrant a dispute. In addition, by consistently making your payments on time, keeping the number of open accounts to a minimum, and maintaining the lowest possible balance on any credit cards, your credit can improve significantly in as little as six months.

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What’s next?

Regardless of your former misfortunes, you still deserve your own home. What’s more is that you deserve your own home at an affordable rate. Larger lenders only approve to individuals with unblemished credit, but as you learned before, most people in America don’t have perfect credit. Affordable interest packages are available to a variety of individuals, in a variety of different incarnations. There are even mortgage companies that are available who specialize in lending to individuals with bad credit. These companies will not only help you with a home loan, but they will also assist in repairing their borrowers’ credit. Mortgage packages that leave room for debt consolidation, renovations, or college tuition are also available from a wide selection of lenders.

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