It is not the end of the world, if you have a poor credit score. You can still procure a home loan. Financing a home loan on a poor credit rating can get tricky if you don’t connect with the right mortgage lender, who has a vast experience of closing subprime loans. Earlier anybody, almost anybody could get a loan sanctioned, but things have changed now. People with low credit qualify for a home loan with higher rates and terms.
Your credit score decides two major aspects—
1] Loan Program- Whether conventional or non-conventional.
2] Pricing- Interest rate and any additional charges indicative of the credit score. [Read more…]