If you have bad credit and believe you are out of luck when it
comes to refinancing or purchasing a new home, you may want to
reconsider your options.
Just because you have bad credit, it does not mean you will be
unable to get a loan, nor does it mean that you are at the mercy
of the mortgage companies. You are not.
The mortgage industry is a very diverse one with literally
thousands of lenders across the country that just might offer a
program that fits your needs.
These lenders that offer programs to consumers with poor credit
are known as wholesale lenders.
Wholesale lenders work directly with mortgage brokers, whose job
it is to assist you in finding a mortgage lender regardless of
your credit score.
It is also the responsibility of the mortgage broker to counsel
and educate you through the entire mortgage process.
If you decide that you do not want to do the shopping around
yourself, than you should seriously consider finding a mortgage
broker to help you. They have relationships with hundreds of
wholesale lenders, and they will work to find a program that
fits your needs.
Keep in mind, brokers are paid on commission, so it is just as
important to them as it is to you to get to the closing table.
A good place to start for tracking down a mortgage broker is the
internet. Contact a few brokers, allow for them to assess your
situation, than work with the one that best fits your needs and
budget. Best of luck.
About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
Written by: Jennifer Hershey
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