Shopping for a house is probably the most significant financial decision that you will make in your life. When you shop for your home by first attaining a home mortgage quote, your decision becomes even more momentous--you need to perform a balancing act between the house of your dreams and factors such as the down payment and interest rate payable. Your first stop in this process will...

Bad Credit Mortgage Memphis

Mark Lambie

You've applied for a mortgage and you have been turned down. You believe that there is a Bad Credit Mortgage Memphis list keeping you from purchasing your dream home. What can you do? Take action by shopping around for other mortgage options. We'll share a few of them with you here.

If you have been turned down for a mortgage, the mortgage company must tell you why you were rejected. Rejection does not make you a bad person and rejection does not mean you cannot still get home financing. The following type of institutions may still offer you a mortgage even if you are on the Bad Credit Mortgage Memphis list!

1. A credit union. If you belong to a credit union, visit the loan officer and explain to this person that you believe you are on a Bad Credit Mortgage Memphis list and you want to find out if the credit union would consider extending a loan to you. The loan office will check your credit report and make a decision though you were rejected previously. Membership has its privileges and a Credit Union is a wise alternative for some consumers.

2. State government. Tennessee, like all states, has agencies in place to help residents obtain a mortgage. Contact your government offices to find out which agency can assist you. In addition, contact your state attorney general if you learn that you are on a Bad Credit Mortgage Memphis list and know that you shouldn't be!

3. Your church. Churches, parachurch organizations, and nonprofit associations may be of help to you too. Some of these heralded organizations have received government funds to be used to help residents of the community get key financial assistance. Check your phone book's white pages for local organizations or visit your public library for help. Research online too!

All in all, being on the Bad Credit Mortgage Memphis list does not mean you will not get a mortgage. You may need to receive some credit counseling first, but lenders are in the business to let you borrow money and help your local community to prosper. A little extra effort on your part can mean the difference between owning a home or renting.

About the author:
Mark Lambie is the founder of The Loan House a website that allows consumers to quickly and easily get mortgage quotes and mortgage information.

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