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Bad Credit Mortgage Loans - Are You Killing Your Chances of Getting Approved?
When you have poor credit, your list of lenders that will approve you for a home loan can shrink down very small. You want to make sure that you are doing everything in your power to keep your credit rating as high as you can.
Many people will unknowingly hurt their chances of getting approved and make it more difficult for themselves. Here are 3 things you will want to avoid doing if your credit history is already bad.
1. Don't have your credit pulled over and over by different lenders - Many people will, because of their difficulty in getting approved, apply with many different brokers and have the broker pull their credit over and over. Every time your credit is pulled, your score will drop just a few points. In some situations, it can be enough to disqualify you from the loan. The best way to go is to apply with companies online that will give you a pre-approval without pulling your credit, but instead, ask you what your credit is like.
2. Don't Open Too Many New Credit Accounts - If a lender sees that you have a lot of new accounts open it can make them wary to want to lend you money. It can also raise your debt to income ratio, which will make it difficult, if not impossible, to get approved.
3. Don't Be Late On Your Current Payments - Some people feel that since their credit score is already poor, it doesn't make any difference whether or not they make their payments on time now. That is not the case, your credit score improves a little, every time you make your monthly payments on time.
To view our list of bad credit mortgage lenders online, most of which do not pull your credit with the initial application, visit this page: Recommended Bad Credit Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Mon. August / 10 / 2020
Refi Rates Today, August 10, 2020 | Rates drop Bankrate.com
Don't let mortgage rates distract you. You should also consider this when refinancing - Fox Business
How much does it cost to refinance? Bankrate.com
How often can you refinance your house? It depends on your finances Business Insider
Current Refinance Rates, July 15, 2020 | Rates slide Bankrate.com
Refi Rates Today, July 24, 2020 | Rates slide Bankrate.com
Is It Already Time To Refinance Again? Mortgage News Daily
Potential COVID mortgage forbearance issues come to light | Mortgage Rates, Mortgage News and Strategy - The Mortgage Reports
Potential COVID mortgage forbearance issues come to light | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports
What is the cheapest way to borrow money? Fox Business
Rocket’s Refinance-Fueled Blastoff Might Not Last The Wall Street Journal
You might have a tough time getting a 'jumbo mortgage' during pandemic. Here's what to expect - CNBC
How to Refinance a Jumbo Loan Credible News
How the right questions yield smart mortgage... Federal Way Mirror
Don't make these mortgage refinancing mistakes | Business | swoknews.com The Lawton Constitution
What Is A No-Closing-Cost Mortgage? Bankrate.com
Mortgage industry faces 'tsunami' of refinancing deals Phoenix Business Journal
Should a homeowner in their 70s with an underwater mortgage let the property go into foreclosure? - Washington Post
Should a homeowner in their 70s with an underwater mortgage let the property go into foreclosure? Washington Post
Smart Money Podcast: Lower Mortgage Rates, and Moving During a Pandemic Laredo Morning Times
Mortgage refinance: Everything you need to know Fox Business
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market - MarketWatch
The feared jumbo mortgage debacle is here — thanks to the coronavirus — and ready to pound the housing market MarketWatch
Is M&T Bank a Buy? Nasdaq
The Tax Breaks for Homes That Help You Now The Wall Street Journal
How to get the best mortgage refinance rates Fox Business
How to refinance your mortgage Fox Business
Is now the best time to refinance your mortgage? Fox Business
10 things to know before refinancing your mortgage Fox Business
Is Now the Right Time to Purchase a Home? The Motley Fool
SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans - Massachusetts Newswire
SimpleNexus eClosing feature enables mortgage lenders to conduct speedy and convenient hybrid closings of purchase and refinance loans Massachusetts Newswire
When should you refinance your mortgage? Fox Business
Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway - MONEY
With Mortgage Rates So Low, Getting a Floating Rate Mortgage Might Seem Crazy. Here's Why I Did It Anyway MONEY
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears - CNBC
Record number of borrowers can now save on a mortgage refinance as rates drop from coronavirus fears CNBC
How does mortgage refinancing work? Bankrate.com
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world - MarketWatch
Should I refinance my house? Mortgage rates drop to 50-year low as coronavirus spreads across the U.S. — and the world MarketWatch
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 - Business Insider
I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider
Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times
The impact of the coronavirus on mortgage refinancings Brookings Institution
The basics of no-closing cost mortgage refinancing Fox Business