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Bad Credit History? How Financing And Buying A Home Can Help You Improve Your Financial Situation
Financing and buying a home can help improve your financial situations, especially if you have a bad credit history. Adding a mortgage payment to your monthly expenses seems like a mistake if you are having financial difficulties, but in the long...
Bad Credit Loan and Bad Credit Loans
A bad credit loan will usually carry with it an extremely high interest rate and may require some types of collateral to be pledged as security for the loan. Bad credit loans may also require a co-signer to limit the risk involved with lending...
Debt Consolidation – Can You Negotiate with Your Credit Card Company?
The average American household has nearly $10,000 in credit card debt, and many people are only able to make the minimum payment of 2% of the balance. Even 2% is $200, and by paying the minimum payment, you could be paying on the balance for decades...
Free Credit Reports Are Not Always Free
According to an amendment to the Fair Credit Reporting Act, you
can obtain a free credit report on yourself for free one time
every year. However, just like with any new law or service,
there are people out there looking to take advantage of you....
How Do You Accept Credit Card: Let Me Count The Ways
Nowadays, everything seems to revolve around plastics. That is,
more and more people are finding credit cards as the most
convenient way to shopping, whether it is online or not.
Hence, with the arrival of credit cards in the market...
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Bad Credit Home Financing - Buy A House Even With Poor Credit
Sub prime lenders come in two groups: reasonable and unreasonable. Reasonable sub prime lenders offer mortgage financing to high risk borrowers with slightly increased rates and fees. Unreasonable sub prime lenders charge several extra points and excessively high fees. Only through comparative shopping can you know if a particular lender is offering reasonable or unreasonable rates.
Compare Rates
Comparing rates is easy through online lender websites. By entering basic information, you can quickly receive quotes from several mortgage lenders. These quotes will give you a rough idea of who offers the most competitive packages. Be sure to add in fees and extra points when you are considering the cost of the loan.
Real Quotes
Real mortgage quotes require more information than just the loan amount and your income level. You will also need to provide information about your home’s location, your down payment, and other personal information.
After you have compared general quotes, you can request specific quotes from a handful of mortgage lenders. Online mortgage applications allow you to do this from the convenience of your home where you can easily find your
financial and personal records.
Applying Online
Once you have received a quote from a mortgage lender, you can quickly finish the application process. Some lenders will require additional information online, but most lenders will simply mail out the final paperwork for your approval. After the forms are signed and notarized, you send it back to the lender for final processing.
Refinance Later
A subprime loan does not have to be permanent. Mortgage lenders look at the last three years of your credit history when considering your application. So after making regular payments on your mortgage and all your other bills, you can consider refinancing for a lower interest rate. Other ways to improve your credit rating include paying off credit cards and increasing your cash reserves.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. To view our list of recommended sub prime mortgage lenders online, visit this
page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
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| Credit - Wikipedia, the free encyclopedia |
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| The National Foundation for Credit Counseling |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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