What is a bad Credit Score? Well, it really depends on the lender. In the United States Credit Scores are measured by three agencies that, based on your Credit history, example: Home Mortgages, Car Loans, Student Loans, department store Credit Cards, etc… determine if your Credit is good or not. In essence, the higher your Credit Score, the better.
A Bad Credit Score doesn’t mean that you are out of options to buy or refinance, a Bad Credit Score can be fixed within days or a few months and prepare you for the next step. There are agencies that deal with Fixing Credits. Your Mortgage Lender expert should be able to put you in contact with some of these companies.
Don’t let a Bad Credit experience hold your from making the best Investment of your life!
Raz Lending reported that In the past few years Lenders were very aggressively pursuing the so-called Sub-Prime Mortgages, which are Mortgages offered to people with less then perfect Credit. Experts say that this type of Mortgage Loans, are what led to the current Mortgage Meltdown Crisis, but it also helped others to restore their Credit based on how responsible they were with their Payments.
There are different kinds of Sub-Prime Mortgages, including:
Interest-Only Mortgages: the Borrower pays only interest for a period of time.
Initial Fixed Rate Mortgage: In a short period of time this Loan converts into a Variable Rate
“Pick a Payment Loans”: the Borrower chooses their monthly payment
When applying for a Sub-Prime Mortgage Loan, you have to be aware that it could carry consequences, collateral damage that your Mortgage Lender Specialist should be able to explain to you.
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