Trying to get a bad credit mortgage loan? Luckily, you don’t need excellent credit to get a mortgage loan. While the best rates go to those with perfect credit, you can still get an affordable deal with bad credit. There are three key areas you must focus on in order to get a loan. Work on these areas, and you’ll be on your way.

First, review your finances and check your credit report to find ways to improve your credit score. There may be mistakes on your credit report that are dragging down your score. You may be able to fix an error quickly, which could make a big difference in a matter of weeks. If you can, try to pay down some credit cards and avoid keeping high balances on any one card. You’d be surprised that you can increase your rating with a few steps. By the time you’re ready to apply for a mortgage, your credit rating may be improved by then, which can mean big savings in your monthly payments.

Second, work on saving or borrowing a deposit. Regardless of your credit score, you’ll need to put down a cash deposit on a mortgage. Depending on the type of loan, it could be as little as 3% for an FHA loan or up to 25% for an investment property loan. Most banks require 10% or 20% as a deposit. In any case, a minimum cash deposit will need needed by the time you close. Don’t forget to save money for closing costs, which can average 3% or a few thousand dollars.

Finally, talk to different mortgage lenders. Find out what bad credit mortgage loans you would qualify for, and at what interest rate. Every lender has different loan types and qualifications, so it’s best to talk to several lenders to get the most options. All three steps can be done simultaneously to save time.

Consider using an online broker matching service to find multiple mortgage brokers and lenders at the same time. Our website can recommend some useful services, and also has helpful articles and tips to help through this process. Be sure to ask questions to each broker, and compare the different loans and payments available to you. Compare the same loan types for an equal comparison. For example, check 30-year fixed rate loans across different lenders. It may take time to find the best solution, but it is possible to get a bad credit mortgage loan.