Bad Credit Home Mortgage - The Industry and You

All right class, today our topic is going to be the bad credit home mortgage. This is a very hot topic of late, and I am going to give you a new angle on it. Sure, it’s easy for some pseudo-guru to dole out nice platitudes like “make a bigger down payment” and “get your credit score up” but that’s not really that helpful is it? In my experience, these types of tips are common knowledge to anyone who knows anything already. Instead, I would like to actually try to help you get into that home of your dreams – despite your poor credit rating! (In other words, without changing it, without saving up more cash, etc.)

I can tell you from firsthand experience that the mortgage business is a very shady one. Brokers are more than willing to help you alter your income on paper in order to get their commission or points on making a loan to you. This is just the way it is. Do you really think all these sharks have just disappeared all of a sudden over the past year? In fact, no they haven’t. Most of them only know how to do one thing for a living and that’s convince you that you can afford that home, or that you do need a bad credit home mortgage refinance in order to put that new addition onto your kitchen. So believe me when I tell you they are still out there.

Now are these bad people? Quite frankly, that is for you to decide, but consider the following point. They operate at best on gray lines separating what’s legal and illegal. But they are your only hope if you are going to get a loan with bad credit. Especially these days, you are not going to be able to just walk into Wells Fargo or Chase Bank and have them be smiling and not think a thing about your poor track record of paying your bills. They are quite risk averse right now, to put it mildly, and will be for several years to come at least.

So for this reason I advise you to seek out your hoped for bad credit home mortgage loans a little closer to the fringe of the industry. You need someone who is well connected to the Countrywide type lenders of the world. You need someone who is going to package your mortgage up into a security faster than you can say “Default”. This may sound harsh but in my experience right now it is true. The tide may change in a few years, but are you really willing to wait any longer?

Your bad credit home loan mortgage is 99% sure to come through the fringe of the banking industry and not right through the big-bellied center. Find a broker who looks like he might be willing to work with you a little, who doesn’t go to church and put a super high value on telling the truth. That is the guy who is going to be able to make things happen for you and your poor FICO score.