Subprime Mortgage Rates (for damaged credit)

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If you have damaged credit click here to see "subprime" purchase and refinance mortgage rates.

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Mortgage Rate Comparison

Find the most favorable mortgage rates offered by lenders who specialize in helping those with damaged credit.
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Mortgage Tips

Credit Scoring
IMPORTANT: Your credit score will affect your mortgage rate... the higher the score, the better the interest rate.

If you have recently obtained your credit report and you are not happy with what was reported, you can take steps to correct the erroneous information on it in order to get a better mortgage rate. There are also proactive things you can do to improve your scores, if you are anticipating applying for a mortgage anytime soon.

The first is the most obvious. Pay all your payments on time. The second is, don't apply for any new credit unnecessarily. Everytime you sign and return a new credit card offering, or open that second account at a department store because you get a 15% discount, an inquiry will be generated and that will reduce your score. The third is, if you must maintain credit card balances, try to keep them at a level that is 35% - 40% of the maximum credit limit. In other words, if the credit limit is $1,000, try to keep your running balance below $400. Believe it or not, consolidating all your credit cards onto one can hurt you, if the balance is at the credit limit. The fourth is, if you get into a dispute with the phone company and it isn't a huge amount, pay it and move on. Having one or more collections, even if they are small amounts, can really hurt your score.