Bad Credit Mortgage Lenders

When applying for a mortgage or home loan, one of the first things a mortgage lender is going to ask you is “How is your credit?” You will need to know and understand why this question is very important and how you will answer the question! If the answer you give is “I have bad credit”, there are still options open to you so you can secure a mortgage loan.

The information in your credit history helps mortgage lenders decide how much credit and what interest rate you are eligible for. The better your credit history, the more likely you will qualify for the best credit deals.

Your credit may not be as bad as you think it is. Bad credit is often any credit score less than 620.

The very first step is to obtain a credit report, along with your credit scores is a credit check on your credit history.

There are 3 main credit reporting agencies used by the mortgage Industry so you will need to go through the process of obtaining a credit report on yourself and spouse if you have one. The credit score contained within the credit report is used to determine your credit worthiness.

Here are the 3 leading credit reporting agencies that you can choose from to obtain your credit history report.

• Equifax Information Services
  P.O. Box 740241
  Atlanta, GA 30374-0241

• Trans Union Corporation
  P.O. Box 390
  Springfield, PA 19064-0390
  
  Or call these numbers for more information:
  
  Experian 1 (888) EXPERIAN
  Equifax 1 (800) 378-2732
  Trans Union 1 (800) 916-8800