California Bad Credit Mortgage Loan

As our credit reports indicate, we are all too human when it comes to finances. Fortunately, there are plenty of California bad credit mortgage loans available.

California Bad Credit Mortgage Loan

There is no denying your credit score is a significant part of whether you will be approved for a mortgage. If approved, it also plays a vital role in the interest rate and fees you may or may not have to pay. You should never assume a particular credit score means you cannot get a home loan. There are a variety of California bad credit mortgage loans available for practically any borrower and we specialize in them.

Credit scores are known in the mortgage industry as something called a FICO score. The score is determined by the total credit you have, the amount you have used, the type of credit, the length of time you have had the credit and your payment history. Given this wide range of scores, it is easy to get dinged on your FICO score even if you meet all of your payment obligations. For instance, you might have credit card debt that is paid on time, but you will not get a perfect score because lenders like to see a more committed debt such as a car loan, student loan or previous home loan. In short, credit scores rarely make sense to most people.

Bad credit is really in the eye of the beholder, in this case, the lender. A perfect credit score is a FICO score over 800. Almost nobody has such a score. An average score runs from 799 to 560. Anything under 560 is considered bad credit. Obviously, where you fall in the range relates to your terms. Most people that think they have horrible credit actually have a higher FICO score than they realize.

The key to finding a California bad credit mortgage is information. There are plenty of lenders willing to write bad credit mortgages, but you have to be very careful. Many of the loans have horrific terms and you will regret the day you got the loan. At Great Western Mortgage, we get you the loan you need while keeping you away from the sharks that will steal you blind.

As independent mortgage brokers, we have our finger on the real estate market. We know the lenders offering the best images for your situation. We also know the small steps you can take to save a ton of money. With a California bad credit mortgage, the difference between a good deal and a bad deal is often just a few steps. If the steps are taken, you can save tens or hundreds of thousands of dollars of interest on the loans.

We regularly obtain California bad credit mortgage loans for people who do not have the best FICO scores. Many of these people have far worse scores than you. Call us or fill out the quick application to the left to find out your options with California bad credit mortgages. Before you know it, we'll be shaking hands as you move into your new house.

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