by: Jennifer Hershey

If you are looking to purchase a home or refinance the one you are
currently living in, but believe this may not be a possibility for
you because you have bad credit, think again.

Just because you have bad credit does not mean you will not be able
to receive a mortgage. In fact there are many lenders out there
across the United States that are know as wholesale lenders that
specialize in lending money to people with bad credit.

The names of these wholesale lenders may not ring familiar to you
because they are not the typical lending institutions you see on the
street corners of your town, otherwise know as banks.

The first thing you will need to do is locate a few of these
wholesale lenders and shop around for a deal you believe to be fair.
If you do not have success finding these lenders on your own, you
may want to consider using a broker and have them shop around for
you.

A broker is not a lender. What they do is assess your situation,
than shop around for a lender that deals with bad credit mortgages.

Brokers have access to hundreds of lenders across the country and
they can usually find one that has a program that may fit your
needs.

Using a broker may not be such a bad idea, they are usually very
experienced in their field and will not only find a bad credit
mortgage lender for you, they will also council and educate you
along the way.

Keep in mind, just because your credit may be less than perfect,
does not mean that you are at the mercy of the mortgage companies,
you are not.

Mortgage companies are very competitive, especially among the
wholesale lenders, so be sure to shop around. Don’t limit yourself
to contacting only one broker, say no more than four. Allow for each
to assess your situation, than base your consideration of which one
you will use on the rate and program that they offer you. Good luck.


About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.coma mortgage resource site devoted
to making mortgage terms and products easy to understand.