| If you are an individual with a poor credit rating you | | | | Most lenders operate an honest business and many |
| may feel the deck is stacked against you when it | | | | actually try and help people improve their financial |
| comes to qualifying for a mortgage. Having bad credit | | | | situations and quality of life. There are lenders, |
| will make it more difficult for you to qualify; however, | | | | especially in the bad credit line of business, that try and |
| there are steps you can take to improve your | | | | take advantage of people to improve their bottom line. |
| chances of being approved for a good loan. Here are | | | | These lenders charge exorbitant fees, require you to |
| several common mistakes you need to avoid when | | | | purchase additional services and insurance you don't |
| applying for a bad credit mortgage. | | | | need, require frequent refinancing or large balloon |
| Never Exaggerate Your Financial Situation | | | | payments, and generally structure their loans to |
| When you shop for a mortgage loan never | | | | promote default. Their goal with these mortgages is to |
| exaggerate your income or the state of your credit. If | | | | milk their borrowers for every nickel possible and |
| a lender or broker ever asks you to lie on your | | | | when the homeowner falls behind on the payments, |
| application, you're headed for trouble. Honest lenders | | | | seize the property. |
| and brokers will never ask you to falsify an application | | | | You can learn more about your mortgage options, |
| or sign blank or incomplete documents. | | | | including common mistakes to avoid by registering for |
| Beware Predatory Mortgage Lenders | | | | a free mortgage guidebook. |