GET A MORTGAGE WITH NOT SO PERFECT CREDIT

In addition, you are entitled to a free copy of your credit report if you have been denied credit, employment or insurance. All you have to do is find out what credit bureau provided the information that the information was based on and contact that credit bureau. The company that denied the credit, employment, etc, is required to give you the name, address and phone number of the credit bureau that provided the information.

SUBPRIME LENDERS (B/C LENDERS) Lenders that offer loans to borrowers who can't get approved for a mortgage through a bank or a mainstream lender are called subprime lenders or B/C lenders. These lenders offer a very important product. They offer many different types of mortgages to borrowers who in the past wouldn't be able to get a mortgage at all. Most of their products have higher interest rates than the mainstream lenders. However, due to the growing competition within the subprime lending world, even those high rate loans are pretty competitive.

FINDING A SUBPRIME LENDER Chances are that if you've applied for a mortgage with a mainstream lender and they couldn't approve you, your loan officer has already tried to refer you to a subprime lender. It's possible that the loan officer called and told you that you needed a different product and interest rate due to credit issues but did not refer you elsewhere. You may not have to change lenders. Many mainstream lenders have set up their own subprime lending departments due to the growing need for these products and their money making potential.

Before you decide on a subprime lender however, I strongly suggest that you try to get approved for a mainstream mortgage with a different lender. Since subprime loans have higher interest rates, the loan officers typically make more money. Unfortunately, some loan officers could refer you to a product that you don't need for their own personal gain. Also, just because one lender won't make you a loan, does not mean that another lender won't. Try to get approved at a few places before you go to a subprime lender. Once you determine that you need a subprime lender, you can either go to one of the loan officers that you've already spoken to or you can go shopping for a new lender. Use the same techniques in choosing your subprime lender as you would in choosing your mainstream

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