The market for mortgage loan is a huge one. Pretty much anyone with good or bad credit can get a mortgage loan. Many of the mortgage companies are now opening up to people with bad credit in the past.
Many loan and mortgage lenders specialize in giving loans to the population with poor credit. If does not matter, how poor your credit it, chances are bright you will get a mortgage loan.
When credit is sub par, you will need to work harder to get the loan you deserve. In most cases, interest rates you pay on the loan will be higher. Hence, it is imperative that you call up at least a few mortgage loan lenders to get the best possible loan. Bottom line is poor credit cannot hold you down if you are determined to get the mortgage loan or a refinance loan.
You will be classified as having sub par credit or poor credit if you have a bankruptcy on your credit report. A Chapter 7 filing for bankruptcy will lessen the chances of a mortgage loan compared to a Chapter 13 filing. A foreclosure lawsuit is another important entry in your credit report. It can also have a negative impact on interest rates being charged on your mortgage loan. If you have a debt collection...
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