Credit and mortgage are inextricably linked, but you’ll find more often than not, there are ways for those with less than spectacular credit to be successful in buying a home. The trick is in learning the process for arranging a bad credit mortgage, which types of credit issues are acceptable and which are not, and having a handle on bad credit mortgage costs.
Know the score.
Start with a full understanding of your own credit by getting a credit report from Equifax or Experian. Know precisely what you are working with by investigating every facet of your own credit before approaching a mortgage counselor.
Repairing your credit.
If you have found that you indeed have legitimate credit issues keeping you from mortgaging at a specific loan to value (LTV), often, lowering the risk to the lender can help. Furthermore, you can see a fast improvement in your credit score by obtaining a credit card and spending/paying it off every month. This can help begin your credit score turnaround almost immediately.
We can fix that.
Keep in mind that red flag credit issues such as no credit history, a low credit score, defaults, repossessions, bankruptcy and multiple credit problems can all be overcome with the right lender and the right loan.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580.
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