Low Credit Score for Mortgage Lenders and Brokers in Oxnard, California

It might not have the global recognition of Los Angeles or the incredible scenery of San Diego, but Oxnard has plenty of its own luster — just ask the residents of this Southern California city. For one, Oxnard regularly ranks amongst the country’s safest cities. Add to that the fact that there are copious public grade schools and universities in the area and you’ll realize why families might be keen to call Oxnard “home.” Contact ABLEnding today at 866.260.2253 if you are seeking a low credit score mortgage in Oxnard, California.

Perhaps you’re in the market for a new home in Oxnard or you’re simply toying with the idea of buying a house. One major factor in the decision to buy a house is the cost of your mortgage. Of course, you’ve got to qualify for your mortgage first, an idea that might deter some potential buyers from even trying. As everyone remembers, the recent end to the housing bubble caused many people to see a dip in their credit scores, too. It might seem as though a low credit score would equate to a near-impossible chance of getting approved for a mortgage.

Fortunately, many banks will offer low credit score mortgages to clients who otherwise might not qualify. In order to see if this type of mortgage would apply to you, you should first find out what your updated credit score is. The government allows you to check your credit card report up to three times per year at no cost to you. Their services are available through annualcreditreport.com, where you can look at three different reports at once for a full, detailed look at your credit, or pace yourself so that you can keep track of your number and any changes over the course of a year. As you check, keep in mind that most lenders consider a credit score that’s below 600 to 650 points to be a low credit score.

Another factor that affects your credit is the amount of debt or loans that you have at any given moment. Some potential buyers might want to work on paying down loans prior to making any attempt to purchase a home. This is often a great idea, as lenders will reduce interest rates for those with less debt. You can also improve your credit reputation by diligently paying credit card bills for a stretch of time. Banks allow you to carry a balance, but it reflects poorly on your credit; furthermore, it collects interest that makes it tougher and tougher to pay back.

Of course, every situation and every lender has a separate set of requirements that will determine whether or not a person qualifies for a loan. Your situation might also qualify you to refinance your mortgage, should you find that your finances aren’t quite what they were when you bought your Oxnard home. Either way, it’s important that you find a reputable lender or mortgage expert to help you in your quest.