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Bad credit is rampant in America. But the question is: why is good credit so important? Simply put, bad credit is very expensive, here are just a few of the ways it can effect you:
1 - Denial of Credit Applications
If you can't qualify for normal loan products the only option may be a "No Credit Check" or "Lease To Own" program. Lease fees in these programs can be as much as 80 percent or more.
2 - High Rates of Interest on Credit Cards or Loans
If you do qualify for a credit card or limited loan the credit limit is usually very low and the interest high with large penalties for late payments, etc.
3 - Apartments and Utilities
Landlords often review your credit worthiness as part of the application process. Utility companies will charge higher deposits for providing services.
4 - Lost job opportunities
Believe it or not, more and more employers are reviewing credit scores and debt as a way of controlling theft and assessing an applicant's reliability.
If your credit score is low the good news is there are many excellent strategies for improving it and getting out of debt. Each step you take will save you money and make it easier to take the next step.
- FHA Loans for a First-Time Home Buyer
- Home Equity Loans for People with Bad Credit
- 3 Common Short Sale Mistakes
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Warning Signs of Loan Modification Scams
- Alternatives to Getting a 2nd Mortgage
- 3 Reasons Banks Reject Short Sales
- Second Mortgages: Advantages and Disadvantages
- 3 Factors that Can Negatively Affect Your Mortgage Application