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Home Loans for Credit Challenged Borrowers
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.
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.
Home Mortgage Loans For People With Bad Credit
Getting a home loan with bad credit has actually never been easier than it is today. Here are some tips to help improve your chances of success:
Tips For First Home Buyers On Getting Home Loans
Buying your first home will likely be the biggest and most important purchase you will ever make. It can be a very stressful and may even leave you sleepless for nights on end wondering whether you are making the right decision ? especially where choosing the right home loan is concerned.
Home Equity Loans - 5 Useful Application Tips
Obtaining a home equity loan does not have to be a major ordeal. Unlike your first mortgage, you are already in the home, and usually time is not such a major factor. You can close the loan at your own leisure, and take your time researching the different options available to you. Below you will find five tips that will help you make the process as painless as possible. Remember that your best defense is a good offense, so understand the process and everything that is involved. Don't let your lender pressure you into something that you don't understand.
Get the Best Rate on Your Home Mortgage Loan
Home mortgage interest rates hit record lows in 2004 and have remained at record lows as we go through 2005. It is possible today to get a thirty-year fixed rate home mortgage loan for under five percent, and an adjustable rate mortgage can be found for under four percent if you look hard enough!
Cash Out Refinance Mortgage Loans ? Home Equity, 2nd Mortgage or Cash Out Refinance Loan
There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not going to be spending more money in fees and interest doing a cash out refinance as opposed to a home equity loan. When you do a cash out refinance, you are refinancing your entire loan. Let's say you owe $300,000 on your home and you want to get $10,000 in cash out. If in refinancing your rate will be the same or higher, then you will be losing an extraordinary amount of money in fees just to get a $10,000 loan. In a case like that, you would definitely want to go with a home equity loan.
Real Estate Finance Strategy that Few People Consider
If you are considering a new home loan anytime soon, and you do not want to get an adjustable rate mortgage (remember, ARMs are very strong loans), you should consider a 2/1 buydown.
Home Equity Loan - Is It For You?
A Home equity loan has become an easy way to not only pay off other non-deductible debt, but to come up with large wads of cash for remodeling projects, vacations and more. People have financed college educations with a home equity loan, so your imagination is your only barrier. There are few if any restrictions on a home equity loan because in essence you're using your own money. With housing markets booming over the last several years, and no definitive end in sight, the higher prices we find attached to our homes has sent the equity soaring too. It's no longer necessary to gamble in the stock market if you're looking for large returns: just own a house, and then use a home equity loan to fund your particular needs.
Online Mortgage Brokers - What You Might Not Know About Home Loans & The Internet
You may think that applying online for a mortgage is the same as applying with a broker in the 'real world', only more convenient.
Mortgage Clarksville - Find the Best Deal
Searching for a mortgage can sometimes be a hassle. Where to apply, who to apply with, what deal to take. These are all questions you may be asking yourself. The good news is it doesn't have to be a pain to find the best mortgage Clarksville.
The Top 5 Reasons to Buy a Home
1. Save on your income tax.
Option ARM Mortgage Loan - Is This Really for You?
What happened to the days of a 15 or 30 year fixed rate mortgage loan? Ultimately this is the safest and most popular mortgage loan product in our industry, but new mortgage products are hitting the market, and we in the mortgage business are using them to our advantage; ever heard the radio advertisement saying, "buy a $200K home for $643.28 per month; call XYZ Mortgage Company to apply"? The product used in this ad is called an Option ARM, and I feel it's my duty as a mortgage professional to tell you what this product is in case you happen to meet up with that loan officer whose only concern is to make a fee, and not have your best interest in mind.
Mortgage Glossary of Terms
A brief list of some of the most common Mortgage terms.
Understanding Mortgage Points
When a mortgage broker asks a borrower to pay points, he or she is asking for a lending fee expressed as a percentage of the value of the loan. For example, two points on a deal worth $100,000 works out to $2,000.
Choosing The Right Mortgage For You
This article will help you understand the differences between a variety of mortgage options. There are many different mortgage products offered by the various lending institutions in Canada, so you may not know what features to look for.
Unlock your Home Loan Piggy Bank
With the recent sharp increase in property values your current home could be a pot of gold.
Types of Mortgage Interest Rate
Here is a useful guide to the different types of Mortgage Interest Rates that are available. Mortgage Lenders offer all kinds of different deals when it comes to the interest you pay on your mortgage. Sometimes you may have a choice, sometimes you may not.
Real Estate Lender - Get Approved For a Mortgage Loan Online
Real estate lenders now offer mortgage loan quotes and application online. You can be approved for a mortgage loan online in a matter of a few weeks. With online real estate lenders you can also be sure you are getting the best mortgage loan rate by requesting quotes.
Home Loan Applications Made Easy
You have finally found the home of your dreams. You have searched all over and are ready to purchase it. Before you even make your offer you should seek out the financing first. In some cases, it is easier to have a pre-approval in hand before making any financial commitment through a contract. Why get your hopes up after you purchase the home when you can buy with assurance and wait by the settlement table. Before you can buy anything, you will need to get accepted by a reputable lender. There is much you will need to know, as this will be the largest purchase you will ever make. You will need to fill out a mortgage application first.
Helpful Mortgage Advice
Mortgage advice overwhelming you? Many people get advice from everyone on the planet when they talk about purchasing a home. People tell them their version of advice on most important factors and expect the potential home buyer to do as they have instructed.
Buying a home remains the great American dream. Home ownership rates have been exploding in recent years, spurred on by the historically low interest rates in the home mortgage market. Home prices have been rising at far faster than inflation, especially in major urban areas such as San Francisco, San Diego and Chicago. This means that not only can that home you've always wanted put a roof over your head, but it can provide you with a great investment as well. For people new to the mortgage market, buying their first home starts with finding the best home loans.
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