B C D Less Than Perfect Credit Mortgages

Mortgage Matrix Network

B,C,D Mortgages (Less than perfect credit)

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RATE YOURSELF

Almost everyone has experienced a difficult credit period in their life and it is nothing to be ashamed of. Rate yourself to help both your lender and yourself get the best mortgage terms possible. 90% of households in America have had or are having credit problems. If you have experienced recent credit problems, realize mortgage lending is based upon a risk factor. Below you will find a chart with a basic outline that will help you determine the risk factor in which you may fall. Every investor has slightly different criteria for a "B" or "C" or "D" rating. Your mortgage broker will evaluate your Borrower Information Form and confirm if you rated yourself accurately.

Credit Grade: "Rate"	B	C	D
Mortgage History	Last 12 months only: 2 times over 30 days late	Last 12 months only: 2 or 4 times over 30 days late and once over 60 days late	Last 12 months only: Various 60 days late and/or 90 days late
Revolving and Installment Credit History	Last 12 months only: Majority paid as agreed, but at least once 30 days late and at least once 60 days late	Last 12 months only: Majority paid as agreed, but at least once 60 days late and at least once 90 days late	Last 12 months only: a pattern of being late
Legal - Liens, Bankruptcies, Foreclosures, Charge-offs	Minor in nature, or bankruptcy discharged more than 24 months ago	Minor in nature, or bankruptcy discharged more than 24 months ago.	Any type filing occurred less than 12 months ago.
Credit Grade: "Rate"	B	C	D

If ANY selection above occurred in a higher letter, that's your "Rate".
Remember that letter "rate" and click here to get your Borrower Information Form.

Additional consumer information:
"There are no secrets in credit analysis, just the power of knowledge."

1. Credit risk scoring The mortgage industry has adopted a credit risk scoring method. It is a numerical grid which takes into account the multiple factors in your credit history. Most lenders are credit-score driven. You will find this credit risk score as an element of your credit report when it is run. Please ask your broker (below) to explain how this works. A simplified general chart is provided for your convenience. For full chart details, speak with your mortgage broker by filling out the form in your state.

2. How/What to Prepare for a Mortgage Application

3. Glossary of Credit and Mortgage Terms

4. Summary of Your Rights Under the Fair Credit Reporting Credit Act

5. Summary of Obligations by Users of Your Credit Reports

General email

1.	Credit risk scoring The mortgage industry has adopted a credit risk scoring method. It is a numerical grid which takes into account the multiple factors in your credit history. Most lenders are credit-score driven. You will find this credit risk score as an element of your credit report when it is run. Please ask your broker (below) to explain how this works. A simplified general chart is provided for your convenience. For full chart details, speak with your mortgage broker by filling out the form in your state.
2.	How/What to Prepare for a Mortgage Application
3.	Glossary of Credit and Mortgage Terms
4.	Summary of Your Rights Under the Fair Credit Reporting Credit Act
5.	Summary of Obligations by Users of Your Credit Reports