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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 Wed. June / 07 / 2023
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