It is very important to remember that in today’s market, you can still get a mortgage even with a low credit score. Many lenders offer what are known as bad credit mortgage loans. These loan programs are designed for customers with less-than-perfect credit. They typically carry a higher interest rate, since the mortgage is considered riskier for the lender. However, obtaining a mortgage and making the payments on time is perhaps the best and quickest way to raise your credit score. So if you are considering a home purchase or a cash-out refinance, and your credit score is on the low side, do not be discouraged! There is likely still a loan program out there that will be perfect for you for the short-term period. Before you know it, your credit profile will have greatly improved and you will be able to refinance into a much more attractive mortgage program.

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