It is not impossible to get a mortgage with a bad credit score, however, the approval process is tough and it depends on the lender you choose. Additionally, you may need to take a few extra steps like purchasing mortgage insurance, paying a higher interest rate, or even making a larger down payment. Below mentioned are five tips for getting a mortgage with bad credit:
A higher credit score ensures you get low-interest rates and much more favourable terms from traditional lenders. You will also end up paying lower monthly mortgage repayments. If you have recently checked your credit report and your score is too low to qualify for a mortgage from traditional lenders, you may want to repair it before applying for a mortgage. Below are a few tips for improving your credit score:
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