What do lenders consider when approving bad credit mortgage loans?
Author: Liz Roberts Lenders do not simply approve mortgage loan applications. Lenders also want to make sure that the money they will be lending will be paid back. Naturally, lenders would check on the borrower’s credit worthiness by examining their credit report. What is a credit report and why is it so important? Your credit report is your very record that reflects all transactions that you have between banks, lending companies and other financial institutions. Your payment history is listed in detailed within your credit report. By the law, mortgage lenders can use this document to check on an individual’s background or credit worthiness. Thus, whether you have a good credit or bad credit can affect your mortgage loan application. How is your credit? Obviously, if you’re planning on applying for a mortgage loan, it will be better to take a look at your credit report yourself and see if your credit rating is good enough to be approved. You may acquire a tri-merged credit report from
Author: Liz Roberts Lenders do not simply approve mortgage loan applications. Lenders also want to make sure that the money they will be lending will be paid back. Naturally, lenders would check on the borrower’s credit worthiness by examining their credit report. What is a credit report and why is it so important? Your credit report is your very record that reflects all transactions that you have between banks, lending companies and other financial institutions. Your payment history is listed in detailed within your credit report. By the law, mortgage lenders can use this document to check on an individual’s background or credit worthiness. Thus, whether you have a good credit or bad credit can affect your mortgage loan application. How is your credit? Obviously, if you’re planning on applying for a mortgage loan, it will be better to take a look at your credit report yourself and see if your credit rating is good enough to be approved. You may acquire a tri-merged credit report from
