| Whether you are refinancing, getting a second | | | | have been at your job, the better. If you |
| mortgage or home equity loan, getting a | | | | are close to the one year mark for your |
| mortgage loan with poor credit history can be | | | | employment, consider waiting a little longer |
| tough. In the eyes of the lender, having | | | | at your job before you apply for your |
| credit problems puts more emphasis on the | | | | mortgage. |
| other qualifying factors to determine whether | | | | |
| or not you can get approved. | | | | 3. Lenders will want to see your most recent |
| | | | debt payments being made on time - Even if |
| Here are some tips to help you get approved | | | | you have had credit problems in the past, |
| for a mortgage loan: | | | | lenders will be looking closely at your |
| | | | payment history over the last year or two. |
| 1. Consider ways to come up with a down | | | | They will be most interested in how you make |
| payment - Even a 2-3% down payment can affect | | | | your auto, utility and credit card payments. |
| your ability to get approved for a mortgage | | | | If you are consistent with those payments |
| loan or help you get a lower interest rate on | | | | now, the lender may be willing to overlook |
| your loan. There are many creative ways to | | | | past credit problems. |
| come up with a down payment. Sometimes it | | | | |
| can be worth saving for a few extra months or | | | | 4. Try using techniques to increase your |
| a year to come up with a down payment. | | | | credit score - There are many tips available |
| | | | online to help you raise your credit score. |
| 2. Lenders will be looking closely at your | | | | There are 16 ways to improve your score here. |
| income and job history - With bad credit, | | | | You can dispute online, for free, any |
| lenders are going to want to make sure that | | | | inaccuracies that are shown on your credit |
| your income is more than enough to cover all | | | | report. This can begin raising your score, |
| of your minimum payments. The longer you | | | | sometimes within 30 days or less. |