Looking For A Home Loan? Here's How To Begin...We'll Provide You With News, Information, Resources And Articles About Loans. We'll Cover Home Loans, Mortgages, Second Mortgages, Home Equity Loans, And Refinancing. As
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Hot Topic: Tips On Getting Your Mortgage Loan Approved
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How Choosing The Wrong Loan Program Can Wipe You Out
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7 Critical Questions You Must Answer Before Refinancing
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Insider Secret: 3 Things Your Lender Will NEVER Tell You
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Home.LoanBegin.com
Presents Hundreds Of Articles, Tips, And Resources About
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Mortgage Loan Tips.
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Why some people almost always get the lowest interest rate on their mortgage - for the least points - and No Junk Fees!
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Home Buyer Defense Guide.
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Real estate insider advice to help homebuyers avoid common mistakes when buying a home.
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Mortgage Secret Codes Revealed.
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A step by step guide on how to take control of the mortgage process and also How to beat the brokers and avoid mortgage ripoffs. |
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Home Loans for Credit Challenged Borrowers
Author: Horace Hawkins
Just because you have negative items on your credit report doesn't mean you can't obtain a home mortgage loan. There are options for you. Bad credit is not the end of the world. It's true that getting a bad credit mortgage loan is not always the easiest or fastest mortgage loan out there, but you can still buy your own home even with bad credit.
Bad credit shouldn’t stop you from getting a home loan. There are credit repair options. Most mortgage brokers will do everything they can to get your credit in good shape for your home loan. They work with you on finding the mortgage loan option that's right for you. You can get a home loan, even if you’ve had a bankruptcy or a foreclosure.
There are several bad credit mortgage loan options available for the credit challenged and even people with no credit at all, such as:
• Sub-Prime Mortgage Home Loans
• Stated Income Mortgages
• No Money Down Home Loans
• Jumbo Loans
• Adjustable Rate Mortgages
Step One: Know Your True Credit Score
Perhaps you’ve already been turned down for a mortgage because of a negative credit report or having no credit at all. Perhaps you’ve filed for bankruptcy. Whatever the case may be—You know your credit is bad.
But do you know how bad?
Are you sure your credit report is accurate? Eighty percent of credit reports have mistakes. At Mortgage-Loan-Advantage.com we help you find out if your credit is really as bad as you think it is. Here's what we can help you do:
• Get a copy of your credit report.
• Verify the items listed on your credit report.
• Take steps to repair any errors on your credit report.
• Take steps to remove errors on your credit report.
• Monitor your credit regularly.
Step Two: Consider Your Options
You really have two options, once you know what your credit score is. You can contact a bad credit mortgage lender and accept that for a while you must pay a higher interest rate than you would if your credit was perfect.
Or you can wait and try to fix your credit and bring up your credit score before you buy a home.
If your credit history is not that bad, you might want to take some time to bring up your score. To improve your credit score:
• Pay off as much debt as you can.
• Pay your bills regularly and on time.
• Don’t apply for too much credit.
If you absolutely must get into a home now, or it looks like it would take too long to bring up your credit score significantly, contact a bad credit mortgage lender. Be prepared to pay a higher interest rate and more “points”—which are a percentage of the loan.
Step Three: Prepare Yourself with the Facts
Before you approach a bad credit mortgage lender, prepare.
Assess your financial situation. Do you have the income to add a mortgage to your debt load? Have you made as many lifestyle changes as possible to reduce your debt? Have you done all you can to bring up your credit score?
If the adverse credit items on your credit report occurred because of some reasons beyond your control, for instance, illness, job layoff, marital problems or other temporary setbacks, you must provide a written explanation of your circumstances to the bad mortgage loan officer. This can be provided with the loan application or at some other point in the loan process. If you have had sufficient time to regain financial stability since the problems occurred and to demonstrate prompt payment, the lender may offer some consideration on the rates.
About the author:
Horace Hawkins is the President of Mortgage-Loan-Advantage.com and HoraceHawkins.com As a mortgage loan broker, Horace serves the Dallas Fort Worth Metroplex with superior home mortgage loan services.
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As you may know, I have a very deep passion for real estate and mortgages. In
fact, this website is a true labor of love for me.
As publisher, one my many duties is to review the many books, programs
and courses about real estate and mortgages that are on the market today. I’ll
be honest with you. Most of them are garbage. (Although
I do strongly recommend the programs in the “Must Have” box
above).
But, let me tell you, when I came upon the following headline, I new
I found a winner…
“Learn How To Quickly Build At Least $40,000
Worth Of Home Equity And Pay Your Mortgage Off In 10 Years Or Less”
-Without Making Biweekly Mortgage Payments-Or Changing Your Current Mortgage.
Now, the reason I knew it was a winner was because of the name behind
the headline. Craig Romero. Many consider Craig to be one
of the true geniuses in our field. I have a lot of respect for
him, and I
urge you to drop what you are doing right now and click the link below... |
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