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Bad Credit Student Loan - What To Do If You Need One
Are you concerned that bad credit will prevent you from going to
college? While it is true that finding student loans with
excellent interest rates is easier if you have a sterling
credit rating, bad credit student loan aid is possible....
Credit card minimums not doubling, but might still hurt
Executives at Debt Shield, Inc., a Maryland-based debt
settlement firm, said that the increased minimum monthly
payments on credit card balances will most likely not double, as
it is widely reported, but that the increase might push
financially...
Credit Traps Snag Consumers
Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees....
Keep Your Credit History Clean. Remove A Negative Credit Record From Credit Report
The three major credit bureaus, Experian, Equifax and Trans Union are similar and feature a "Credit Score", which is created from credit report data submitted to them about you.
But very often your credit report includes inaccurate, wrong or...
What is Credit Scoring?
Have you ever wondered what is credit scoring? Credit scoring is a system creditors use to help determine whether or not to give you credit. How does a creditor decide whether or not to grant you credit? Creditors use credit scoring systems to...
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Bad Credit Home Financing - Choosing A Subprime Mortgage Lender
In the early nineties subprime mortgages accounted for about
five percent of all mortgages. Today the subprime mortgage loan
sector comprises more than twenty percent of the mortgage
market. With this explosion of subprime mortgage lenders and
brokers, it is important to know what to look for when choosing
your lender. Not only do you want to be sure that you are
getting the best deal possible for your subprime mortgage, you
also want to know how to avoid falling prey to a predatory
lender.
What makes a person a candidate for a subprime mortgage? Bad
credit is the predominant reason but there are others.
Fluctuating income and even the type of property being purchased
can also necessitate an unconventional mortgage. If your unique
situation requires a subprime mortgage do the following when
choosing your loan agent or broker.
Know your credit history, particularly your FICO score. A score
lower than 620 generally means that you will be offered a
subprime mortgage. Do not take for granted that you must seek a
subprime mortgage. Ask what products are available for you.
Also, make sure you have your employment, income and payment
histories readily available.
Do not assume that getting the lowest interest rate also means
you are getting the best loan. Most subprime mortgage loans will
be two percentage points higher than a conventional loan and may
have additional fees. All of the prospective subprime mortgage
lenders should submit their loan packages to you in writing.
Take the time to carefully analyze all of the mortgage offers.
Compare not just the interest rates but also the fees you are
being charged.
Be wary of prepayment penalties. A subprime mortgage is a
vehicle for repairing your credit or responding to a specific
applicant situation and usually is a short term solution. Hefty
prepayment penalties may lock you into a subprime mortgage for a
longer term than is necessary or cause you to
pay a substantial
price for refinancing to a conventional mortgage at a later
date. You may have to accept some sort of prepayment penalty but
negotiate with the various lenders to guarantee you have the
least burdensome penalty possible.
Even though you are looking for a subprime mortgage lender you
still have many options. After comparing the loan offers from
the different lenders, negotiate the terms. Do not feel that a
lender is doing you a favor by offering you a subprime mortgage.
Many times the compensation a lender receives for a subprime
mortgage is greater than that which is received for a
conventional mortgage.
Most subprime mortgage lenders are honest and responsible
business people. Still, the regulation of subprime loans varies
widely and you should be careful not to fall victim to a
predatory lender.
1. Don't respond to telephone or direct mail offers from
subprime mortgage lenders. Do your own research. The Better
Business Bureau, the telephone book and the Internet are all
good resources. Ask friends for referrals.
2. Don't allow yourself to be pressured. Ask for offers in
writing and use plenty of time to compare them.
3. Don't sign any documents that have blank spaces or incorrect
dates.
4. Don't be convinced to inflate your income or net worth.
5. Don't skip reading any portion of your loan documents because
your lender tells you "that part isn't important".
Choosing a subprime mortgage lender is like any other purchase.
The more knowledge you have and the more research and analysis
you do, the better your decision will be.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an
informational website about various types of loans. View her
recommended lenders for Ba
d Credit Mortgage Loans.
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| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
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| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
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| The Credit Card Prank |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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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, ... |
| credit.about.com |
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