Article by Carrie Reeder

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.

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Article by Ernesto Maitim

When it comes to the mortgage home loan market, it is certainly good news particularly for the borrowers and home owners who possess excellent credit score as they are the best candidates any lending company would like to have especially in the refinancing of mortgage loans. It is a known fact that anyone, whether an ordinary consumer or home owner, with a decent credit score or rating is most likely to have no problem whatsoever when dealing with a mortgage refinance lender. In fact, everything will definitely be a breeze as far as getting the best mortgage refinancing plan possible is concerned.However, it is a known fact that not every one of us possesses a good credit rating. There are certainly those individuals who experienced or got themselves into a bad financial situation and so were unfortunately not able to acquire a good credit rating. Because of such financial problem, many of them who at one point or another need to have their mortgages refinanced are having a difficult time landing a good mortgage refinancing scheme. If one has a bad credit to speak of, is it already impossible for him to acquire refinancing scheme for his mortgage? Actually, it is still possible for those with poor credit to land a refinancing program; such is called the bad credit mortgage refinance plan. However they would have to deal with much higher interest rates and other required fees as this is the major consequence that he has to face all because of the bad credit score that he possesses. And definitely he is a much difficult financial situation than that of the borrower who on the other hand possesses good credit score. If the latter needs refinancing of his mortgage, he will definitely have a much easier time.

Why do poor credit borrower and home owner have a rather hard time getting a home mortgage refinance scheme? This is because such borrower is considered by most lending companies as high risk, which means he cannot be trusted when it comes to the repayment of the mortgage loans. This is the reason while it is possible for a borrower with less-than-desirable credit rating to acquire bad credit mortgage refinance, they would have to deal with higher interests and overall exorbitant mortgage. Yes, as a borrower, you can still avail of one even if you have poor credit, however loan conditions and requirements will be stiffer.

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Question by mnt. dew: getting mortgage loan with bad credit?
okay, so i have bad credit, but have alot of money. and i my boyfriend an i are looking at buying a house. i am having trouble getting preaproved. my boyfriend has good credit but no “proof” of a job because he works under the table. so my question is does anyone know like a good company to go thorugh that will work with me becuase i don’t have the best credit?

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Getting rid of your debts was a difficult proposition earlier. But now with the availability of a bad credit home mortgage refinancing, it is no longer a distant dream. In fact, it is just a few steps away from your path to financial freedom! So if you have a bad credit and yet wish to refinance your home, you should try out your luck with a bad credit refinance solution. However, a mortgage refinance with bad credit is distinctly different from a regular home refinance loan. Typically, such types of financial solutions attract much higher rates of interest depending upon how bad is the applicant’s credit worthiness in comparison to normal refinance loans offered to individuals who have a good credit reputation.

With a bad credit home refinance, usually a distressed homeowner faced with financial hardships, can get access to some solace in dealing with the financial problems mentioned below.

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There is indeed a growing industry for lenders that provide various bad credit mortgage refinance loan products. You could take advantage of the proliferation of such loans if you have a poor credit and you direly need to refinance your existing mortgage.

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In the old days if your credit history was less than perfect, the only mortgage you would be offered would be one with extortionate interest rates from a shady broker.

Nowadays, there are more sympathetic lenders who will offer you a bad credit mortgage without charging you sky-high interest charges. And because there are more lenders out there now offering these non-standard mortgages, it has driven the interest rates on them down which is good news!

The term ‘Bad credit’ can be anything from County Court Judgements (CCJ’s) on your credit file to something like having missed a mobile ‘phone payment or made a few mortgage payments late.

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Improper decisions in the past generally lead to bad credit. One starts assuming that all his luxurious dreams are shattered. But this is an illusion and it may not be the case. More and more lenders are opening the door to those that have poor credit because they think they deserve a second chance. Do not get disheartened if your neighbor gets a mortgage easily. He has an excellent credit. But you can still get one for yourself.

Mortgages and Bad Credit

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Hi,
We currently own a mobile home on it’s own land. We’re interested in purchasing a house, but have bad credit. A family member is going to loan us 40,000 (we’ll pay them back when the mobile sells). The house we want is 90,000. We make about 25,000 a year. Will we be able to get financed?

I am a first time home buyers and I work two part-time jobs, making about 20,000.00 a year. I have about $5,000 – $6,000 for a down payment and could possibly get more from my step-dad. My mom doesn’t own a house but makes at least $23.00 an hr and said she would co-sign for me. We both have pretty good credit.
The house I want is $139,000.00….would i be able to get it with my mom as co-signer ?
OR my bf has bad credit but makes $25,000 a year..so could he be on the mortgage as income? i dont know if that makes sense..any advice would be appreciated!
Forgot to mention – its a 3 bdrm townhouse and we would have two roommates and me and my bf to help pay the mortgage….

We have a house in the UK that was valued at around £490,000 but obviously will have gone down in value with this so called credit crunch.

I have lived in ireland for four years+ and i have been renting all this time my rent is about to increase to 700 euros

my question is do you think i could get a mortgage at the moment and who would be most likely to lend

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