Bad Credit Mortgage Loan: Qualifying For The Best Rate On A Mortgage Loan

Most bad credit mortgage loan applicants have no idea that mistakes on their credit reports are preventing them from qualifying for a low rate on a mortgage or home equity line of credit. Some of the most common mistakes found on applicants' credit reports are incorrect balances, judgments and collections that are too old or were paid in full, but reporting as having outstanding balances. Such accounts can be identified and taken in to consideration when refinancing.

Express Capital Funding Group is one of the companies that take time to review credit reports, to help borrowers qualify for a lower rate on a mortgage or home equity line of credit. The process is simple, application is taken over the phone. Within 24 hours a borrower is contacted by a loan consultant for a credit report review to identify any mistakes that can be taken in to consideration when making a credit decision. As a result of this review, applicants can qualify for interest rates that are much lower than what they are being offered by lenders that don't take credit reporting inaccuracies in to consideration.

Some borrowers have so much debt and such bad credit, that they don't qualify for a conventional mortgage. Outstanding balances have to be paid off in order to qualify for lower rate. ECFG offers short term private money loans to homeowners to repay some of the outstanding balances to improve their financial position before refinancing.