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Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider
So, you've found the perfect home. You've already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But wait-do you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?
The credit bureaus handle hundreds of thousands of credit reports, and it's only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.
Could an error be lurking on your report?
Here's a simple step-by-step guide to ensure that your credit report reflects exactly what it should.
Step One: Avoid a Bad Credit Report by Requesting a Copy of It
Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.
Step Two: Check the Personal Information
Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you don't think that it matters, you'd better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. What's worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once it's found its way onto your report. Avoid all of this, and report any bad information now.
Step Three: The Credit Information
It may be too late, and you may find that there are loans or other items on your report that you've never taken out. In addition, you may find that late payments are on your credit report when you're sure that you made them on time. If you find such erroneous information, then you'll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.
It's important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.
To view our recommended sources for bad credit mortgage lenders, visit this page: Recommended Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Tue. January / 19 / 2021
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Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
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Today’s mortgage refinance rates hold steady for third consecutive day | December 11, 2020 Fox Business
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Today’s mortgage refinance rates mixed — one key rate drops while two hold steady | December 15, 2020 Fox Business
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A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
The best mortgage refinance lenders of January 2021 Business Insider
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Today's mortgage refinance rates stay low with the election underway | November 3, 2020 - Fox Business
Today's mortgage refinance rates stay low with the election underway | November 3, 2020 Fox Business
Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 - Fox Business
Today’s mortgage refinance rates climb upward — though one key rate holds steady | October 23, 2020 Fox Business
Complete Checklist of Mortgage Refinancing Requirements Credible News
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How often can you refinance your mortgage? Fox Business
How to refinance your mortgage without closing costs Fox Business
Thinking of refinancing your mortgage? Do your homework before you jump in. - The Philadelphia Inquirer
Thinking of refinancing your mortgage? Do your homework before you jump in. The Philadelphia Inquirer
When should you refinance your mortgage? Fox Business
Today's mortgage refinance rates hold steady at unprecedented lows | October 16, 2020 - Fox Business
Is now a good time to refinance your mortgage? Fox Business
How to get a low-cost mortgage refinance Bankrate.com
How to Refinance Your Home | Home Lending Chase News & Stories
Today’s mortgage refinance rates keep sinking, reaching 37-day low | November 13, 2020 - Fox Business
How much can you save by refinancing your mortgage? Fox Business
Now Is A Great Time To Refinance Your Mortgage - New Refinance Fees Delayed Until December 1 - Forbes
Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette
No-Closing-Cost Refinance: Is It Right for You? NextAdvisor