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When lenders are deciding on whether to issue a potential borrower a loan, they use various criteria— such as employment, income, assets and liabilities—in addition to payment history to evaluate* the borrower. The more damaged your credit history, the higher risk you are to lenders—bringing your mortgage and interest rates sky high!
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| Your loan may carry a high interest rate based on your evaluation* |
| Family income limitations effect mortgage loan outcome. |
| The higher your down payment the lower your principle and interest rate. |
| Be leery of lenders who readily
offer “sub-prime” loans |
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| Order a credit report from all three credit bureaus to find out what your credit report says about you before going to a lender. |
| Always use the APR (Annual Percentage Rate) when comparing loans. |
To obtain the best loan, shop several lenders, comparing interest rates and fees.
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| However,
just because you have blemishes on your credit doesn't
mean that it has to be a dream deferred. You can still
own a home—even with flawed credit. |
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When it’s time for you to consolidate
your debts at a lower monthly payment, buy a home or refinance
your current home with lower mortgage interest rates, or
begin work on home improvement, our door is open. We’ll
help you live the American dream by putting you in contact
with a licensed mortgage company who’s in tune with
the best deals in your area. Click here. |
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