It's no secret that lending standardshave gotten tougher. It's harder to qualify for a new home mortgage loan for
just about everyone, not just those with bad credit. It's also more difficult
to crack into the top tier of credit scores thatwould earn you the new home loan terms. 

So, should if you have less-than-perfect credit, should you giveup on approaching mortgage lenders? Of course, not - but it definitely helps to
have a strategy. It may take a little longer to get a mortgage with fair or bad
credit, but here are ten things to do to overcome that bad credit and appeal to
lenders: 

Tips to Make you More Attractive for a new Home Loan 

1. Make your credit and loan payments ontime. Thefirst and most important step toward overcoming credit problems is to change
the habits that led to those problems. Think of it this way: credit problems
are part of your history, and you need to start writing a new history. You do
this by putting together a track record that shows you are now able to
consistently meet your financial obligations. 

2. Understandyour credit problems. While you build toward the future, it's important to understandyour past. Get a copy of your credit report to see what theproblems are. Identify what caused those problems. Were they one-time mistakes?
Do they indicate that you live beyond your means from time to time and need to
rein in your lifestyle? Or are your credit problems simply a result of poor
organization, or not keeping track of your bills and their due dates? The more
you understand what caused your credit problems, the better you'll be able to
address them. 

3. Addressmistakes in your credit report. Of course, there may be errors in your credit report, andyou'll want to address these immediately. Approach both the credit rating
agency and the creditor who reported the error. When you feel you've reached an
understanding of what the true history is, be sure this is confirmed in
writing. 

4. Considerthe length of your credit history. Part of your problem in qualifying for a mortgage may bethat your credit history is not long enough. Time will take care of this to
some degree, but use that time to assemble a track record of responsibly
handling a combination of installment loans and credit card payments for new
home loans. 

5. Knowwhen credit problems occurred. If there are genuine problems in your credit history,keep a record of when they occurred. Past credit problems may haunt you for as
long as seven to ten years, but they are given especially heavyweight in the
first two years. Once your problems are more than two years in the past, you
may want to try approaching lenders again. 

6. Controlyour credit mix. Again,a mix of installment and credit card debt makes an ideal track record (assuming
payments are made on time), but be wary of adding too many credit cards. 

7. Paydown existing credit balances. Even if you are meeting your minimum monthly payments,carrying credit balances can count against you. Lenders look at how close you
are to your credit limit, and that ceiling mayhave gotten closer--card companies have been slashing credit lines to the bone. 

8. Strengthenyour household income. Thismay sound like an obvious point--sure, everyone would like to make more
money--but in this context, it's really a question of timing. If you are due
for a raise, or your spouse has been looking for a job, wait until those things
come through so you will approach lenders with the strongest income level you
can. 

9. Pickyour spots when applying for credit. Even applying for credit can be a redflag, so be selective in applying for only the new credit cards you really
need. 

10. Useonline resources to search the widest field of possible lenders. While the general statement that it'stough to get a mortgage with bad credit these days is true, not all lenders
have the same standards. Use online resources to see the full range of lenders
available. If you get shut out of a mortgage because of bad credit today, use
those online resources to check back periodically to monitor changes. You can
request up to four free quotes from lenders in our mortgage lender database.
It's free and there's absolutely no obligation to you! 

If it seems impossible to get a new home loan because of yourbad credit, don't give up hope. Just as conditions changed to make lenders
warier of bad credit, there will be a time when lenders become more aggressive
again. 

Meanwhile, your credit history is not written in stone. It'schanging all the time, and with some consistent good habits, your credit
problems will start to fade into the past. The ten steps listed above will help
you make that transition successfully. 

Once you feel you're ready to apply for mortgages to see if youwill be approved, make sure you shop around and compare lenders -
unfortunately, no one source will consolidate all mortgage lenders, but if you
want to tap into our network of lenders for up to four competing mortgage
quotes, fill out our mortgage quote form and see if you can join the hundreds
of people we've helped get approved. get a new home loan with an attractive
interest rate. 

Just Call Us To Start Now! (888) 803-7889