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Applying For A Mortgage With Bad Credit Due To Divorce

Divorces often lead to bad credit scores, which can affect the type of mortgage you qualify for. When looking for a mortgage, be sure to deal with the financial impacts of your divorce and investigate a number of lenders. That way you will not only buy a home, but be sure that you are getting a competitive rate.

Top Recommended Companies To Refinance With:
(updated ):

Act Now! Lower your monthly mortgage payment!     - Competitive rates and no hidden fees
    - Bad Credit OK
    - New Purchases, Home Equity & Refinance
    - One dedicated mortgage banker from first call to closing
    - Quick Application with worthwhile results

If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.

Mortgage rates are still low. Refinance & Lower Your Payment!
    - Get Started on a Lower Payment Now!
    - America's #1 Online Lender
    - Save More and Spend Less!
    - No Obligation and Free Expert Advice

Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.



Divorceís Impact On Credit

Your ex-spouse can continue to negatively impact your credit even after the judge has dissolved your marriage contract. If you sign joint financial agreements, then you are responsible for paying those loans even if the judge signed over the accounts to your ex.

This means that if the house is the other personís and they are making late payments, then your score will go down no matter what the judge said. The same is true with credit cards.

Improving Your Score

Make sure that all joint accounts are transferred to individual accounts after the marriage. Homes and cars should be refinanced, and credit card balances should be transferred to new accounts with old accounts closed.

You can also include a letter of explanation in your credit report, explaining why there were late or missed payments. Be sure to include a copy of your divorce decree so lenders can see that it is final.

Finding Reasonable Rates

Even with a poor credit score, you can still find a home loan with reasonable rates. The most important thing is to investigate rates and terms of several subprime lenders. You can quickly weed out the scammers who refuse to disclose terms or who charge excessively high closing costs.

Even if you have a bankruptcy on your record, you can still apply for a mortgage. Some lenders will look at your application after the bankruptcy has been discharged for a year, others two years or longer. Each lender has their own set of qualifications, so do not hesitate to check with several financing companies.

You can also improve your mortgage rates by opting for an ARM which is easier to qualify for. Rates are temporarily lower than fixed-rates, resulting in lower monthly payments. You can also lower rates by increasing your down payment.

Here are our recommended sources for bad credit mortgage lenders online:

Top Recommended Companies To Refinance With:
(updated ):

Act Now! Lower your monthly mortgage payment!     - Competitive rates and no hidden fees
    - Bad Credit OK
    - New Purchases, Home Equity & Refinance
    - One dedicated mortgage banker from first call to closing
    - Quick Application with worthwhile results

If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.

Mortgage rates are still low. Refinance & Lower Your Payment!
    - Get Started on a Lower Payment Now!
    - America's #1 Online Lender
    - Save More and Spend Less!
    - No Obligation and Free Expert Advice

Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.

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