Understanding Loan Terms

Understanding Loan Terms

Earning A Good Income With Less Than Perfect Credit? Find Out How To Get A Mortgage

Stanley Simmons

If you have been earning a good income and improving your credit, but your credit still isn't great, there are still possibilities for you to get approved for a home mortgage. If you really want to own your own home and you want to take this next step in your life, there are some professionals that you want to contact to see what your options may be. Talk with a wholesale mortgage lender that is familiar with working with people will less than great credit about these things.

Credit Requirements 

A wholesale mortgage lender will make the final decision in the process of you getting approved or denied, regardless if you are using a broker or some type of bank. Work directly with the provider and ask what the specific credit requirements are, so you know the expectations and you know the bottom lines you have to meet if you want to get approved for the loan. This could mean credit score, history concerns, debt to income ratio and more.

Credit Improvement Options

The wholesale mortgage lender may have a credit expert that can work with you get approved by fixing or changing some things with your credit report. This may mean:

  • Paying down a specific debt
  • Having something removed from your credit report
  • Changing the status of a loan
  • Showing long-term credit accounts

Talk with this expert to see what changes you need to make to get approved, and long it will take for these changes and improvements to take place.

Mortgage Options                                                   

After you have done what is needed to get approved you want to see what your mortgage options are. Talk with the wholesale lender about the interest rates and options that are available to you, how much money they will require you to put down, and what type of mortgage you will be able to get. Your credit may require you to agree to a fixed rate option or prevent you from getting a 15-year loan.

There are several wholesale mortgage lenders that specialize in bad credit mortgages, so you will just have to take some time to shop around and to find the right lender for you. You don't want to end up missing out on purchasing a house and putting your hard-earned money towards homeownership because you didn't take the time to shop around and get the mortgage that you need.

For more information, contact your local mortgage lending professionals. 


2019© Understanding Loan Terms
About Me
Understanding Loan Terms

When was the last time you realized you were in the red financially? Although most people don't think about their finances on a day to day basis, it can be easy to find yourself living paycheck to paycheck if you aren't careful. I began thinking carefully about the financial implications of some life decisions I was making, and I knew I had to make a difference. I talked with a loan officer about getting things together, and he was instrumental in helping me to work things out. Read more about my financial successes and failures on this little website. You might be able to avoid some of my previous mistakes.