If you have bad credit history then getting a mortgage can be a little difficult for you. After the sub prime mortgage bust, most of the mortgage lenders have limited their lending options. They now lend money to only those borrowers who have high credit scores. For a borrower a minimal credit score of 720 is required in order to get a mortgage approval. Any credit score of less than that is considered as a poor credit score.
There may be many reasons for a bad credit rating. Few of the most common are non-payment of previous loans, card bills and so on. All these factors affect your financial history and thus your score of credit. Every lender before giving you loan collects your payment history information which is also known as the Credit Report.
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There are three large financial information companies that gather information about the borrower and do their credit scoring. These companies are Experian, Transunion, and Equifax. You may need money for anything like for buying a house or a car or for refinancing, and to meet your loan needs you need to approach a lender which would look at your score of credit before approving loan.
For you to get a bad credit mortgage, you need to find out mortgage lenders who offer loans to borrowers with poor score of credit. No Bad credit mortgage lenders will give you loan at a cheaper rates. They would ask you to pay a higher rate as compared to a person who has a good credit score. So maintaining credit history becomes very important for an individual.
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