If youre applying for a new home loan, one of the first items a potential lender will request is your permission to perform a credit check. If your credit history is a bit shaky or downright poor, you might consider the so-called no credit check mortgages. While any legitimate lender will require a credit check at some point, there are many who specialize in helping borrowers with bad credit. They have helped people in your situation find the right home loan at an affordable rate.
First, its important to understand how your credit score is determined, and how it is used. Typically, the three credit bureaus (TransUnion, Equifax, and Experian) calculate their scores based on a number of key factors including your payment history, the amount of debt you currently owe, the length of time youve carried that debt, and the number of new accounts you hold.
Lenders check all three scores and generally work with an average when assessing your loan application. When opting for no credit check mortgages, you can discuss how the lender uses your credit information. Talking to a loan officer early in the process can save you time, money, and frustration.
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