If you've ever applied for a mortgage, you know it can be a grueling process. This difficulty is only compounded by the pressures of having less-than-perfect credit. In this series we've been discussing how to apply for and get approved for a mortgage in Florida, even with bad credit. In the first part we examined three tips including: check your credit score for errors, organize your finances and gather proof of income, and research the right lenders for your credit. Those are vital steps in the process and if you're complete with that, it's time to move onto part two: finding the lenders and having the right attitude about the application process.
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As most people know, each individual application for any type of credit lowers the borrower's credit score by about 5 points. For this reason it's important to be very specific about what types of loans you apply for and how often: too many and you'll lower your credit score substantially. However, the credit companies understand that when one is shopping for a new home, they may need to get several quotes from several lenders. Therefore, there is a provision that allows for a certain number of mortgage applications within about a 2 week period. As a borrower with bad credit, take advantage of this! You may want to apply for as many as 5 loans, and if you've followed the above steps, there's a good chance you'll get approved for at least one.
The last point worth mentioning is that when you apply for a mortgage you are the customer looking to make a purchase. Would you feel apprehensive about asking the convenience store clerk for a Slurpee? Of course not! So keep in mind that the mortgage application process is not worth stressing about, you're a customer looking to make a purchase from a supplier; it's that simple. There's no reason to feel belittled or intimidated by the process.
If you have bad credit in Florida and are looking to get a mortgage loan, these 5 tips can help you not only get approved for the perfect loan, but improve your score and even lower your monthly payments on your mortgage. Remember, they are: check your credit report for errors, organize your finances, Research bad credit lenders, Apply for multiple loans, and finally remember that you are the customer and should be treated like one. And although these tips work across the country, residents of Florida can especially benefit from the mortgage tips provided.
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