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Credit Problems ?
Still Shop, Compare, and Negotiate
Don’t assume that minor credit problems or difficulties stemming from unique circumstances, such as illness or temporary loss of income, will limit your loan choices to only high-cost lenders. If your credit report contains negative information that is accurate, but there are good reasons for trusting you to repay a loan, be sure to explain your situation to the lender or broker. If your credit problems cannot be explained, you will probably have to pay more than borrowers who have good credit histories. But don’t assume that the only way to get credit is to pay a high price. Ask how your past credit history affects the price of your loan and what you would need to do to get a better price. Take the time to shop around and negotiate the best deal that you can.
Whether you have credit problems or not, it’s a good idea to review your credit report for accuracy and completeness before you apply for a loan. To order a copy of your credit report, contact:
Equifax: (800) 685-1111
TransUnion: (800) 916-8800
Experian: (888) 397-3742
Looking for the Best Mortgage
Obtain information from several lenders
Obtain all important cost information
Obtain the best deal that you can
Remember: Shop, compare, negotiate
Fair lending is required by law
Credit problems?
Glossary
Information provided in this Mortgage Loan section is adapted from a free consumer guide "Looking for the Best Mortgage" to review this guide please click Here!
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