Utah Bad Credit Mortgage

Do you have really bad credit and have had trouble qualifying for a mortgage or home loan recently? People with bad credit are usually referred to as sub-prime borrowers. Traditional lenders may not even consider your mortgage application. However, there does exist a number of sub-prime mortgage lenders who work with just consumers with poor credit.

First, you will get a higher interest rate than someone with good credit. There is no sugar coating that at all. However, what bad credit borrowers typically do, is get a mortgage with a little higher interest rate and pay their monthly mortgage on time and a few years down the road, when their credit score has gone up because of the on time mortgage payments, they may be able to refinance their Utah bad credit mortgage into a lower interest rate.

There are different classes of bad credit borrowers. People who had to declare bankruptcy in the past few years will have a tougher time getting a mortgage than someone who is just a little behind on their credit card bills and other expenses.

Don't get too wrapped in trying to find a lender who specializes in bad credit borrowers. We have a network of mortgage companies in Utah who deal exclusively with sub-prime or poor credit mortgage applicants.

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