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Ask Shop Rate: Declan - Maryland

Posted by  on Apr 16, 2009
 
I don’t have good credit…can I still get a mortgage? Believe it or not some lenders specialize in bad and no credit mortgages. However, expect to pay a higher interest rate than someone with good credit. Also, be sure that you have saved a substantial amount of money for your down payment. Lenders will also look at your recent history so one tip might be to establish a SMALL amount of debt and make all your payments ON TIME to show that you have turned things around. However, too much recent debt might make it even more difficult to obtain a mortgage.


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