December 06, 2001
By: Bev Dodd
Bad credit mortgage loan: Lenders who are here to help
When you apply for a bad credit mortgage loan, the loans officer will do a credit check but this is not the end of the world. Bad credit mortgage loan lenders apply different standards to bad credit. We'll discuss this more below.
If you are seeking a bad credit mortgage loan, most often the loans officer will do a credit check on you. The most popular credit report comes from FICO, which stands for Fair Isaac & Company, and credit scores are reported by each of the three major credit bureaus: TRW (Experian), Equifax, and Trans Union. On a scale between 365 and 840, a score of 680 will put a smile on the face of your loans officer, and greatly assist you in your quest for a mortgage loan.
Different bad credit mortgage loan lenders apply different standards in rating your credit worthiness. For this reason, reading your credit report and understanding how your credit report might be interpreted may give you a chance to improve your credit worthiness from the point of view of a lender.
The down-payment is not the most important consideration when you go bad credit mortgage loan shopping. Keep an eye on the monthly payments as well. Make sure they are within your reach. The interest rate usually varies from lender to lender, even though there is a market rate. It's worth shopping around. You can lower your monthly payments by getting a longer term, putting more money down, or buying a less expensive property.
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Bev Dodd is a successful author and publisher of http://www.family-refinance-consolidation-loans.com.
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