Articlr

For those of you with good credit, this probably isn’t worth the read.  Getting a mortgage for you should be a simple task, provided your income and debt ratio is ok, you shouldn’t have any problems qualifying for a loan.  For those of you with bad credit (or those of you who are interested) read on…

I just want to talk to you about people getting a mortgage that have bad credit.  Maybe in your past you didn’t pay your bills on time and went to collections, maybe you couldn’t keep up with your credit card payments, or maybe you went bankrupt.  Have you tried to get a mortgage yet?  If you haven’t, I just want to mention a couple of things here that you should be aware of.

Mortgages for people with bad credit can be a nightmare to get.  The fact that your credit rating is a bit lower than the average (or horrible if you went bankrupt) makes lenders feel that you are a riskier investment.  What this means for you is you may have to jump through more hoops to get a mortgage, pay a higher interest rate, or it may mean that they are unwilling to give you a mortgage.  My advice to you is be up front with your lender, point out why your credit score is no so good and highlight what you have done to make it better.

Lastly, I want to mention those of you who are remortgaging their home.  If you have had bad credit, or had to go bankrupt during the term of your mortgage, you will have to do a bad credit remortgage.  Now, this may seem scary, but you do have one thing going for you:  the lender has already leant you the money.  So, when you renew your mortgage, you may just have to renew it at a higher interest rate than you previously had.  Or you may just have some extra hoops to jump through, it really depends on your situation.

Just bear in mind the information presented here is to educate you but if you want the specifics, talk to a professional.  They would be happy to help and would be able to give you specific and accurate answers for your situation - unlike the generalities presented here.