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How to get a mortgage even if you have a bad credit rating

Mandy Parsons

If you are having trouble getting a mortgage, you need to remember one thing:- Persistence. If you give up trying, you will NEVER get that mortgage. It's also worth noting that there are a great many variables that determine whether a lender will approve you for a loan. SOme of these variables are outside your control (criminal record, CCJs, Bankruptcy, Previous foreclosures etc) while others can be influenced by you in order to improve your chances of a mortgage approval.

Some lenders specialize in 'sub prime' loans -loans to customers with less than perfect credit histories. These are the lenders you should be targeting. Sometimes, they have a set time limit from a foreclosure or bankruptcy before they will approve you for a mortgage (often between 24 and 36 months). Sometimes they don't, and you can be approved for a loan the same day you are discharged from bankruptcy. Obviously, they charge higher interest rates to reflect the greater risk that you now represent, but hey! No loan, or a slightly more expensive loan?!

Ultimately, we here at www.mortgagedown.com think that what determines whether or not your mortgage is approved is your 'credit score'. Anything over '600' and most lenders will happily approve your loan, no matter what little 'stains' there are on your record. The process of creating your credit score is mostly automatic these days, and this is what you need to understand in order to bask in the glory of a 600 plus credit score when applying for a mortgage.

So how do you make sure your credit score is above the 600 level so you can get 100% financing? First off, stay RIGHT away from so called 'credit repair' agencies. They will often do more harm than good, and you will be handing over your cash for absolutely nothing or worse. What you can do is try and ensure your record is as 'clean' as possible. First step, obviously, is to check your credit rating for any inaccuracies. You have a statutory right to see what financial information any company holds =bout you, and this includes your credit rating. Ensure paid off charges are shown accurately as paid off - this is the biggest reason for bad credit scores when the record is in fact pretty clean. Every past charge that your have since paid off should be checked, and once you have done this, you can demand a letter of confirmation that the account is now fully paid up. You can, in fact, cause severe problems for any credit agency not reflecting the true state of your credit affairs.

If your target loan company needs proof the charges have been paid off, you can ask for the same from your other lenders - for a small fee (sub $100 usually) they will provide notarized letters confirming your account is now paid off and closed. This will reflect well in your credit score within 2 or 3 working days. Next, credit specialits at www.mortgagedown.com advise that you pay off as much as you can on any credit cards or other loans outstanding. Obviously, the less outstanding debt you have, the better your credit score will be in terms of going for a new mortgage. In fact, if you 'max out' credit lines or cards, this will reflect VERY badly on your credit score.

Finally, be careful not to approach too many lenders in too short a time period. Repeated attempts to get credit can themselves lower credit scores. Remember that even if you score less than 600, it is still possible to get that mortgage, but you may need to 'shop around' a little, and you will almost certainly pay an extra fee or higher interest as a penalty. Beware of companies claiming that 'if they can't get you the loan, you can't get one period' because ultimately, whether or not you get a loan is down to you!
About the Author

Mandy is the resident credit rating expert at www.mortgagedown.com

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