Getting
a mortgage becomes slightly tougher once you have a poor credit mortgages history for the
simple reason that lenders want to be sure that they will get their money, and
the interest on it, back in time, and they are unwilling to trust a person who
has failed to do so in the past. It does indeed sound unfair that a credit
rating be used to gauge a person’s trustworthiness, though at the same time
it’s understandable and perhaps even inevitable that lenders do so.
While a mortgage with bad credit history is difficult to get,
it’s not impossible. Banks are unsurprisingly the toughest places to get a
mortgage from for people like us, since they involve a long list of checks and
paper work; despite that, they are notorious for refusing a mortgage more often
than they agree to give one. The other options available to us are private
lenders, which can again be divided into two categories, namely individuals and
lending organizations.
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