Accelerated Calculator Michigan Mortgage Payment Article
Myth #3: You can’t get a mortgage with bad credit
(and even with poor credit you’ll end up paying way to much, with high
interest rates)
Again, thankfully this isn’t true anymore! With the advent of the internet,
the ease of transferring information, and so much competition - you can get
a mortgage with bad credit. Not only that, some companies even specialize
in bad credit mortgages - with low rates! Don’t worry, we’ll show you some
of these companies a bit later on.
Also, there are currently three major credit bureaus in the US. These are the
companies who record people’s credit history and then sell your credit
report to mortgages companies, banks, etc. Did you know that you could
have one or more bad marks listed on your credit report with one or to credit
bureaus, but (here‘s the important part) Not With The Others!
If you don’t immediately see the significance of that, let me explain. The
bank that’s considering your application gets your credit report from credit
bureau “A”, which contains some bad credit marks from your past, so the
bank declines the loan - or - The same bank instead gets the application
with a credit report from Credit Bureau “B”, which doesn’t contain the
same negative information as company A, so the bank approves the loan!
So, How do I have any control over who gets what report, and use it to my
advantage?
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