Our investigation into home loan or mortgage refinance approval using people with bad credit reveals that the key lies with the mortgage broker or banker. For example, many people visited conventional banks or credit unions to apply for a home loan or mortgage refinance but were declined. These same people could immediately apply with another mortgage broker, and be approved for an "A" mortgage.
The reason seems to be that banks and credit unions have specific underwriting guidelines and specific loan programs. If the consumer had bad credit and did not match the underwriting guidelines, they did not qualify for the home loan or mortgage refinance program they offered. Although this seems to present a stumbling block for many seeking new home mortgages or to refinance their existing mortgage there are thousands of mortgage loan programs. However many people stopped trying to get approved for a mortgage after being rejected, interpreting the banks rejection to mean they did not qualify for a mortgage, period.
In addition mortgage professionals with access to rapid re-score services were able to immediately increase the credit rating, or credit score, and obtain superior home loan or mortgage refinance approvals for borrowers with bad credit.
