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Buy a car with bad credit
A car is a necessity for most of us. It is difficult to make a living without having a reliable means of transportation. You can take the bus or train, but the convenience of a car allows you to accomplish more in an efficient manner.
People with...
Credit Card Interest Rates - Why It's Important To Understand How They Work
Einstein put it best when he said, "Compounding interest is the
greatest mathematical discovery of all time". Now the question
you need to ask is, "Do I want this force working for me or
against me?" If you own a credit card and you...
Errors on Your Credit Report: What You Should Do
There are times when you may be turned down for credit and you do not understand why. According to the Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your...
Student Credit Cards 101: A Student's Guide to Credit
If you’re a college student, you probably already have a credit card. If not, you may have plans to get one or more soon. So why should you read on? - Because financial debt is one of the main reasons that many students end up dropping out of...
Want to Get Instant Credit Card Approval?
There are many people that need a credit card in a hurry. This can be for many reasons. They may
need a credit card right away for an unexpected emergency. Some people need one for a vacation.
Others just need some extra cash to pay bills....
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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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| 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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