f you’re applying for a
new home loan, one of the Lenders check all three scores
first items a potential and generally work with an
lender will request is your average when assessing your loan
permission to perform a credit application. When opting for no
check. If your credit history is credit check mortgages, you can
a bit shaky or downright poor, discuss how the lender uses your
you might consider the so-called credit information. Talking to a
no credit check mortgages. While loan officer early in the process
any legitimate lender will can save you time, money, and
require a credit check at some frustration.
point, there are many who
specialize in helping borrowers The longer your good credit
with bad credit. They have helped history, the higher your score.
people in your situation find the The higher your score, the less
right home loan at an affordable risk you represent to a potential
rate. lender. In general, credit scores
range from 340 to 850. Borrowers
First, it’s important to with higher scores (700+) tend to
understand how your credit score receive more favorable interest
is determined, and how it is rates. Don’t be discouraged if
used. Typically, the three credit your credit score is not high,
bureaus (TransUnion, Equifax, and however, because today’s lenders
Experian) calculate their scores provide a wide range of loan
based on a number of key factors products, including no credit
including your payment history, check mortgages.
the amount of debt you currently
owe, the length of time you’ve Although these lenders still
carried that debt, and the number require a check of your credit,
of new accounts you hold. they will weigh other factors
when evaluating your loan elsewhere. And getting matched
application. If you are able to with lenders who offer no credit
verify your income with a W-2, check mortgages is easy, if you
deposit receipts, or recent pay know where to look. Try online
stubs, and if you can provide search engines, mortgage brokers,
sufficient personal references banks and other institutions, and
and certain other documentation, don’t forget personal referrals.
you may qualify for one of the no Having bad credit won’t
credit check mortgages. You may necessarily prohibit you from
not enjoy exactly the same loan finding a loan.
options as a borrower with
excellent credit, but you can Remember, once you qualify and
qualify for a home loan that will close the loan, you have an
work for you. outstanding opportunity to
rebuild any credit problems.
Providing mortgages to borrowers Honor the lender’s strict
with less-than-perfect credit is repayment requirements by making
actually a profitable your mortgage payments on time,
arrangement, as the lenders stand every time.
to profit from working with
people who have been turned down
About the Author:
Past credit problems are no problem! Your home equity, not your credit history, secures your loan and great rate. Visit Home Loan Center to learn more our bad credit home loans.
Read more articles by:
Home Loan Center Editorial Staff
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