By Lester Lavar Pitts
When a person is familiar with a subject or topic it is said
that they are smart about this topic. Adversely, when a
person is unfamiliar with a subject or topic it can be said
that the person is dumb about that topic. Not to be taken in
a negative way though, being dumb sometimes just means being
uninformed. And the uniformed can become informed quite
easily on a myriad of topic with just an introduction to
that subject.
A case of dumbness caused by unfamiliarity comes into play
when people go hunting for a bad credit mortgage loan. These
good people are just so uninformed about their choices that
they're blinded to the other options that may await them
just over the horizon. Getting a bad credit mortgage will be
good for them-but the right one is what's going to really
make the deal a deal.
Probably one of the great mysteries on the home mortgage
loan acquisition process is the role one's FICO score plays
in gauging their creditworthiness. Amazing how this score
can dictate whether you receive a bad credit mortgage or
good credit mortgage.
Getting a grasp on the FICO score begins with deciding to
learn some in depth facts about the organization that
determines the score, what they want to accomplish, and how
they want to accomplish it. Primarily, FICO is an acronym
that means the "Fair ISAAC & Company". This organization is
the front runner for reporting people credit and mortgage
lenders look to them before ever making a move.
Have you been keeping up with all of your financial
obligations in a timely manner? If so then you probably have
a good credit score to reflect that. But if you've fallen
behind a little on a few bills then your score may be
sliding downward which means that you're moving into the bad
credit mortgage range or out of range entirely.
For people looking to receive a bad credit mortgage, having
a FICO score that isn't below 500 is ideal. But just be
prepared with the knowledge and thought process that you
will be seen as a high risk and dollar figures that mortgage
lenders throw at you will reflect that.
What can you do to stifle some of the turnoffs of having
such a low credit score like higher interest rates and added
fees? Try saving your money for a little while so you can
show the mortgage money lender that you truly want the home
you looking to buy. Put down a strong down payment to stake
your claim at your dream. The lenders will see your gusto
and reward you accordingly.
Now of course you don't have to restrict yourself to
settling for a bad credit mortgage do to your FICO score. If
you were willing to wait a few years before you bought you
could drastically improve your FICO score. Obviously it's
going to take a commitment from you to eliminate things such
as consumer debt, credit card debt, etc Systematically
reducing debt and saving for a down payment will improve
your FICO score and shrink your need and dependence on
receiving a bad credit home loan mortgage.
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Bad Credit Loan Mortgage- Explore Your FICO Score
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