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Auto Loans with Bad Credit
Certain types of loans are very hard to get approved for if you
have bad credit. For example, if you have poor credit, getting
approved for an unsecured loan or unsecured line of credit is
out of the question.
However, there are also types...
Free Credit Report – Watch Out for Scams
Many people may still not be aware of an amendment to the Fair Credit Reporting Act (FCRA) that Congress passed last year. This amendment allows U.S. citizens to receive a copy of their credit report, for free, once per year. The plan is being...
Leave Home Without It...How to Avoid Credit Card Debt
It would seem that a day doesn’t go by without receiving a credit card offer in the mail. Oftentimes, the offers seem too good to pass up. But before you’re tempted to apply for that “platinum card”, there are a few things you should know. Too...
The True Value Of Credit Rating
The concept of credit rating is as important as any other aspect of credit cards. Well, maybe even more important than a lot of other features. As you use your credit card, the credit card supplier maintains not only the history of the transactions...
What Financial Services do Credit Unions Offer?
If you're looking for financial services, you may want to consider checking out what your credit union has to offer. Many credit unions today offer more than just a checking and savings account, they've expanded into upgraded financial services...
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Bad Credit Home Loan - How To Get A Good One?
Getting a home loan with a bad credit has never been easier. Here are some of the tips recommended by experts to improve your chances of getting a home loan:
Find a good deal on your home:
If you can snap up a home as cheaper rates compared to the local market, you may have an easier time getting financing on that property. To the lender or financial institution, it is as good as having a down payment on your home. There are some lenders who consider loan to value ratio before approving a home loan. Ask your mortgage lender if this factor can help you get qualified for your home loan.
Creative financing:
If the seller is motivated, ask if they are willing to carry back a second mortgage on the home. On approval, you can set up a contract or agreement with the seller that you agree to pay monthly payments on the property, as a second mortgage. To make it easy on the seller, it is best recommended to have an end date by which you intend to pay back the amount owed. On an average, 2 years are enough for you to refinance the second mortgage and the seller does not feel permanently locked into the agreement.
Make a downpayment:
You may be able to qualify for a 100% financing even with a bad credit. However, if you pay a 5-10% down, your interest payments will be much lower. Try to save as much as you can for your down payment. At times, it is best
advised to wait for a few months to be able to make a down payment. If you cannot afford to have a down payment, you may always refinance your loan later for a lower interest rate.
Comparison shopping does help:
It is important to do a comparison shopping and get loan quotes from multiple lenders. If you have a bad credit, you will be surprised how much the interest rate varies. Let the loan lender know that you are getting multiple offers and you are considering the lowest rates. Lenders will squeeze their margins to win your business.
Work on improving your credit score:
Request a free credit report from any of the credit bureaus. If you were denied credit recently, you can get a free report. Report any inaccuracies as soon as possible. Now it is easier to report inaccuracies on the websites for each of the three credit bureaus. Too many credit cards can negatively affect your credit score. Close the accounts that you no longer need.
Don’t let bad credit stop you from owning a home. There are plenty of lenders out there to get a piece of your business. Apply with multiple lenders and compare their offers.
About the Author
@Copyrights - Bill A Smith is a credit counselor for Ameri credit counseling and credit management agency. Visit us at http://www.americreditservices.com/ for credit counseling.
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