Attaining homeownership is a great goal. If you have a good credit rating, reaching this goal is easy. On the other hand, if you have a few credit blemishes or filed a recent bankruptcy, you may have to delay homeownership until your credit situation improves. Several lenders specialize in bad credit mortgages, and offer loans to people after bankruptcy. However, before accepting an offer, consider the following points.
After acquiring a credit card, maintain current payments. Keep balances low, and try to payoff the balance each month.
A good payment history will increase your credit score. Soon, you will qualify for unsecured credit cards. Try and get approved for three new credit accounts. As your credit improves, so do your chances for getting a low rate mortgage.
Choosing a Good Mortgage Lender
Depending on your credit rating, you may get approved for either a prime or sub prime loan. Prime mortgage loans are offered to individuals with excellent credit. On the contrary, sub prime loans are intended for those with lower credit scores. Prior to applying for a loan, request an online quote from a mortgage broker. Based on your credit information, a broker will provide multiple quotes from sub prime or prime lenders.
