Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved

People with bad credit that are looking to get a home mortgage loan or to refinance their existing home mortgage loan, know how difficult of a job it can be to try and get approved. Adverse credit history can mean a little more legwork to get an approval for a mortgage loan, and especially to get a decent interest rate.

Most mortgage brokers will tell you that if they can't help you, no one can. That is simply not true. Every mortgage broker or mortgage lender has access to very different lending programs. A program that may be impossible for one broker can be very possible for another broker. Some mortgage brokers have access to lending companies that specialize in home mortgage loans for people with less than perfect credit that have more lenient qualifications than other sub-prime lenders do.

The key to getting approved for a home mortgage loan with poor or bad credit is persistence.

Apply with online mortgage brokers that will submit your application to multiple lenders, so that you will receive at least 4 lender offers from each application that you submit. These companies will submit your application to usually hundreds of mortgage lenders that can help you with a refinance, purchase, second mortgage or home equity loan and then remit the 4 best offers available to you. These online mortgage broker services can help people in almost every state from Florida to California.

The best thing about this process is that most of these mortgage brokers won't even pull your credit when you apply. That means that there is no risk to you for trying it out. Usually when you have started to work with a specific mortgage lender, that is when they will ask if they can pull your credit report. You may already know that multiple inquiries on your credit report can drop your credit score slightly, and if you have bad credit to begin with, you are going to want that score to be as high as possible.

Talk with many different mortgage loan brokers, if you can, have one mortgage loan broker pull your credit and then ask him/her what your credit score is. Then, go to all the other lenders you want to apply with and tell them your situation, with your credit score, income and down payment information. Have them give you some estimates of what they can do before they ever pull your credit.

There are many things you can do to boost your credit score, but before you let your bad credit keep you from getting into a home, be persistent and make sure you have applied with or talked with as many different mortgage lenders or mortgage service companies as you can. If you can apply online, that is a fast, easy way to apply with many mortgage lenders and get responses quickly.

To see a list of our most recommended bad credit mortgage lenders who can help you with refinancing, purchasing, getting a 2nd mortgage or home equity loan, visit this page: Recommended Bad Credit Mortgage Lenders

Carrie Reeder is the owner of ABC Loan Guide. It is an informational website about various types of loans. It has informative articles and the latest finance news.

---

Imagine Cutting Over $8,000 Off Your Mortgage This Year

I once helped a customer cut over $700 off his... Read More

Buying a House or a Home?

A house is just that, a house, until someone lives... Read More

Home Equity Loans: A Useful Financial Tool

The investment need of an individual varies with time. Thus... Read More

Buying a Home With Poor Credit Is Easier Than Ever

Buying a home with poor credit is easier than ever... Read More

Guide to Mortgage Terms

Listed below is a guide to mortgage terms. It is... Read More

Mortgage Information

A mortgage is borrowing money using property as a security,... Read More

Refinance Your Mortgage to Rebuild Credit

Refinancing your mortgage is one way to rebuild your credit,... Read More

Buy a Home With a Government Grant? Avoid this Scam

If you watch enough late night television, you'll see advertisements... Read More

The Top 5 Reasons to Buy a Home

1. Save on your income tax.Yes, something good can come... Read More

Repayment of Loans ? Lessening the Bitterness of the Process

So how have you planned the repayment? Don't tell if... Read More

Build Your Own Dream House!

So you're thinking about building your own house, are you?... Read More

How To Determine The Price Of Your Home

Why is it that some homes sit on the market... Read More

Home Equity Can Create a Never-ending Money Cycle

What could you do with $10,000? Well, you can have... Read More

Home Equity Loans Can Provide Cash in a Hurry

Think About the Long Term. Estimate how long you expect... Read More

Save Time With a Bridge Loan

Why You Need a Bridge LoanYou have to move fast... Read More

Bad Credit Mortgage Refinance - Should I, Shouldnt I?

It is a common financial scenario across households in the... Read More

What the Bank Won?t Tell You About Mortgage Refinancing

So you have a mortgage, and you need to refinance... Read More

Home Mortgage Loan Refinancing Online - 3 Tips on Refinancing Your Home

When refinancing your home, it's helpful to know a few... Read More

Preventing Foreclosure Proceedings and Understanding Your Options

Every year over 8 million homeowners are seeking help preventing... Read More

First Time Buyer Mortgages ? Transforming Homeless into Property Owners

Having just settled in life, you are finding the rentals... Read More

A Qualified Mortgage Consultant Can Help Boost Credit Scores

Consumers interested in purchasing or refinancing a home will pay... Read More

Mortgage Calculator ? How to Calculate Your Monthly Mortgage Payment

Just starting to shop for a new home? Do you... Read More

Are You Ready for a Home Mortgage Loan?

Buying a Home and committing to a Mortgage can be... Read More

Financing the Purchase of Foreclosed Homes

Homes that have been foreclosed can be one of the... Read More

Renters Have Much to Gain by Pursuing Home Ownership

Buying a home vs. renting is a big decision that... Read More

Bad Credit Home Equity Loans

A home equity loan allows you to borrow against the... Read More

Secured Loans ? Making the Most of Your Home as Collateral

My visit to the lender was interrupted with my wife... Read More

Home Loans

Buying a home remains the great American dream. Home ownership... Read More

Refinancing vs Line of Credit

Refinancing vs line of credit are two popular options you... Read More

Money Smart Homeowners Use this Mortgage Strategy Every Time

There are currently more than 50 million home mortgages in... Read More

Looking for a Bad Credit Home Improvement Loan

To make needed repairs to your home without the advantage... Read More

Some of the Available Loan Types

There are many mortgage products available on the market today.... Read More

How to Find a Good Online Homeowner Loan

A quickly growing trend in lending is the online homeowner... Read More