OK, so you know you have bad credit. But you don't want it to affect your mortgage rate and you don't want a bad credit mortgage loan. There are steps you can take to lower costs and improve the terms of your mortgage.
* Make sure all other financial information is filed with your loan application, including income sources and employment history.
* Have a stable income. Lenders look at how long you have held your job. Having assets helps.
* Pay bills on time. Late payments are a red flag, especially if you made late mortgage payments on a previous home.
* Settle old debts. Your lender will look at your history and pattern of paying bills. A lot of unpaid, old loans is a problem.
* Don't ignore debt. Paying late is better than paying nothing. Lenders look at your willingness to pay off your bills.

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