Bad Credit Property Mortgages and Loans

2017/11/10
Mortgage myths may have been true several years ago, but now we need to sort out these misconceptions and understand why they are called myths today.  Whether you were led to believe these myths because a parent, peer or neighbor had been mislead as well, recent changes in mortgages will dispel any of the myths you were told.
 


1.  Will my credit score go down if my credit report is pulled often?


 


This might have been truth years ago, but thankfully finance companies understand that people shop around for the best home mortgage loans.  Lenders realize that it’s common for us to shop the best rates, even on the Internet.  It might have been considered a scam at one time, but now it is common to have your home credit report pulled by several different companies at the same time.


 


2.  I’m sure that I can get a better mortgage loan at my local bank.


 


Unfortunately, just because you have your bank accounts established at the local bank, doesn’t mean they know you on a first name basis.  They won’t treat you any different.  It’s a business to make money.  And they make their money off your back!  They will sell your mortgage to whoever will pay the most!  Not to whoever will get you the best deal. 


 


3.  I have bad credit, so I guess I can’t get a home mortgage loan.


 


Thankfully this is far from the truth.  There are even companies that specialize in bad credit mortgages with lower interest rates.  With the Internet and all the competition that is out there, you have many options now. 

Let me explain further.  Remember, there are three major credit-reporting agencies, Equifax, Experian and TransUnion.  All three agencies do not share the same information.  So the bank that is considering your loan application gets your report from credit bureau A, which contains some poor credit info.

No worries.  Because the bank really wants to give you the mortgage loan and get paid!  So he will then pull from credit bureau B, which doesn’t contain the same negative information and Bingo!  The bank approves it and another person with bad credit gets a mortgage loan!

You see, the bank doesn’t care which credit bureau he pulls if from; the three are all highly trusted and reputable.  There are only three major credit bureaus in the whole entire United States!  Talk about little competition!

Think about this.  What if your loan was shopped around to hundreds even thousands of mortgage companies, all highly motivated and determined to get you the best deal?

I’m certain there would be many lenders in the mix willing to fight over your loan and produce a few good quotes.  And believe it or not, some companies have no credit checks at all!


Bad Credit Property Mortgages and Loans

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