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.
Learn More About Mortgage
Learn the very basics of mortgage so that you will have a good foundation of mortgage knowledge while talking with mortgage lenders.