You Can't Get a Mortgage With Blemished Credit

Mortgages can be a very confusing topic, and myths and misconceptions abound. Subscribing to the myths can keep you from buying your home or paying for a mortgage that costs more than it needs to. Find out the truth behind several popularly held mortgage beliefs. Today's myth: Lenders won't give you a loan if you have less-than-perfect credit.

You Can't Get a Mortgage If Your Credit Is Blemished
Even if your credit is less-than-perfect, you may still be able to get a mortgage. There are many loan options available for all sorts of financial circumstances. Some lenders can approve you even if you've had previous late payments, delinquencies, or even past bankruptcies. Don't be afraid to talk to a mortgage banker to find out if you qualify.

"The way people deal with money and risk is often irrational." says Bob Walters, Chief Economist at Quicken Loans. "We're not talking about finances; we're talking about psychology, or at least where the two meet." Don't let anxiety over past credit issues stop you from exploring your mortgage options, or you may find you've missed an opportunity to improve your financial situation.

By Diane Tuman