Compensating for Bad Credit on a Mortgage Application

Home Loans

Compensating for Bad Credit on a Mortgage Application
(presented by www.refinance-refinance.net - mortgage lenders)

By R A Smith

Up to 40% of the people who paid a higher rate for a sub-prime mortgage because of bad credit, may have been able to get a better loan, according to a recent survey.

In deciding the fate of your mortgage application, lenders follow underwriting guidelines regarding the allowable number of late payments, and other derogatory credit issues. Depending on the severity of your credit problems, underwriters look for information in your loan file to strengthen and back up their decision to approve your loan.

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Here are 4 compensating factors that can offset bad credit in a mortgage application:

Written Explanations

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