| One in four Americans today has a poor credit rating. | | | | lender fees. You can improve the interest rate that |
| In times past these individuals would be unable to | | | | you will qualify for by taking the time to clean up your |
| secure a mortgage; however, there are many | | | | credit reports. |
| mortgage options available today for homebuyers with | | | | Mortgage lenders use your credit score to determine |
| poor credit. Here are the basics of Sub Prime | | | | how much of a financial risk you are. The lower your |
| mortgage lenders and securing a bad credit mortgage | | | | credit score, the higher the risk. There are a number of |
| loan. | | | | factors in your credit files that determine your credit |
| Bad credit or "Sub Prime" mortgage lenders specialize | | | | score. If you have negative or inaccurate information in |
| in mortgage loans for homebuyers with poor credit | | | | your credit history, your credit score will suffer. The fist |
| ratings. If you have a history of late payments, liens, | | | | thing you should do prior to shopping for a mortgage |
| judgments, or have a bankruptcy in your past, a Sub | | | | loan is request copies of your credit records from |
| Prime mortgage lender could help you purchase a | | | | each of the major credit agencies. Once you have |
| home. Bad credit mortgage lending has grown from a | | | | these records, carefully scrutinize them for errors and |
| small cottage industry to a significant part of the | | | | if you find any you will need to dispute them with each |
| mortgage economy. | | | | credit agency. |
| Your credit score will determine the interest rate you | | | | You can learn more about cleaning up your credit and |
| qualify. If traditional mortgage loans are not an option | | | | qualifying for the best Sub Prime mortgage by |
| for you because of your credit, you can expect to pay | | | | registering for a free mortgage guidebook. |
| more in finance charges including higher rates and | | | | |