- Get pre-approved: This will give you a clear understanding of your borrowing capacity and strengthen your negotiating position.
- Compare lenders: Don’t settle for the first lender you come across. Compare quotes and choose the one that offers the best combination of interest rates, fees, and customer service.
- Be prepared to negotiate: Don’t be afraid to negotiate with lenders on interest rates and fees. Be prepared to provide documentation
FAQ
Q: Can I get a mortgage with bad credit?
A: While bad credit can make it more challenging to qualify for a mortgage, it’s not impossible. There are government-backed loans, such as FHA loans, that are designed for borrowers with lower credit scores. However, you may have to pay a higher interest rate.
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