Yes, you really CAN get a mortgage with poor credit

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mortgage with poor credit

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 When you have poor credit, there are many days where it seems like the entire world is out to get you.  Add in thinking about shopping for a mortgage for a new home or maybe a refinance of your existing mortgage, and you feel completely hopeless.  But wait, you don't have to feel that way.  There are many ways to obtain a mortgage, even with poor credit.

Many mortgage lenders today specialize in poor credit home loans of various types.  It's important to shop around, explore the various options available to you, and ensure that you’re getting the best possible deal regardless of your poor credit. 

Some providers of less-than-perfect credit home loans make their huge profits by charging you exorbitant interest and fees, particularly closing costs that are then built into the loan to add even more to your overall debt.  While these lenders can appeal to your desire to finish the process ASAP, you don't have to settle for the first thing you find just because of your past credit problems.  There are many lenders available who provide free quotes to everyone, regardless of credit. 

If you're just beginning to shop for a mortgage loan, it would be extremely advisable to pull your credit report with FICO credit score yourself.  Then, you can contact lenders and ask for no-credit-check quotes by providing your own credit information.  Since credit checks by lenders lower your overall credit score, these no-credit-check quotes are a smart way to find out what mortgages are available to you without adversely affecting your credit.  And with your past credit problems already working against you, keeping your credit score as high as possible can save you hundreds, if not thousands, of dollars in fees and interest

 

Often, it can be even more difficult to refinance your existing home than to purchase a new home.  However, it's not at all impossible.  There are many lenders who focus on providing poor credit cash-out refinance quotes as well as home equity mortgages and lines of credit.  Your closing costs will likely be higher than your neighbor with better credit, but the phrase "poor credit ok" can be music to your ears if you desperately need to refinance your home to get cash to pay off bills and other debts.

Even if you have poor credit, don't despair of finding a mortgage loan that fits you and your home.  There are lenders out there who are eager to help you, and you may be surprised at the less-than-perfect credit home loans they have available for people just like you.