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Beware Paying the Credit Card Minimum Payment
Need a new iPod? The computer store running a special this week? Want that new outfit? Got to have that CD? Before you reach for your credit card and make that impulse buy, think for a moment. The payments won’t be much? Think again. Paying only the...
Credit Cards for Small Business
When you decide to start a small business, you find out pretty quickly that it takes more than skills and dedication in your respective area of work. Besides being good at what you want to do, you also need to known your accounting and financing...
Credit Cards - Friend or Foe?
At one time or another most all of us apply for and get more credit cards than we need. We feel like we have to be able to purchase almost any type of item at anytime, whether we can really afford it or not. Having several credit cards allows one to...
Getting the Best Loans UK with Bad Credit
Sometimes it might seem as though finding good loans UK is nearly impossible for those who have bad credit. Having bad credit can make life difficult in many ways, and almost certainly makes it more expensive… without being able to get decent loans...
Make a deal with your creditors
Are you unable to pay your bills? Pick up your phone and call your creditors; you will be surprised at the goodwill most creditors and collectors give the persons who bothers to pick up the phone and make an agreement. You should not loose your...
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Don't Let Bad Credit Stop You
Don't Let Bad Credit Stop You
When I worked as a loan officer, it wasn't unusual for me to
come across people who thought they were out of luck because
they had bad credit.
This is really not the case, although it is fair to say that you
would not be able to walk down to your local bank, have a seat
in the branch manager's office and walk out with a mortgage.
However, there are alternatives, and you do have choices.
If you contact a broker, tell them your situation, be completely
honest and up front with them, otherwise you are just wasting
their time as well as your own, and believe me, whatever your
situation may be, they have heard worse. Nine times out of ten
they will be able to help you.
Conventional banks are not the only ones that lend money.
Brokers have access too literally hundreds of banks with a wide
variety of programs for people in unique situations from
foreclosure buy outs, to 100% financing with poor credit scores.
I speak from experience, because when I was a loan officer I did
mortgages for people
in unique situations.
Foreclosure buy outs, bankruptcy, late payments on prior
mortgages, the list goes on.
I would sit down with my customer, take down as much information
as possible, than present their information to many different
lenders for them to review. Most times I would find one with a
program to help my customer.
Keep in mind, with unique situations, there is risk involved on
the part of the bank, so you can't expect to get the best rate
in the world. But if it is reasonable, and can put you into the
situation you want to be in, than it is well worth it.
So if you think your credit, or a bad situation is preventing
you from getting a loan, think again, there is probably a
program out there for you, you have nothing too loose.
About the author:
Jennifer Hershey has more than twenty years of experience in the
Mortgage Industry as a loan officer. She is the owner of
http://www.explainingmortgages.com/, a mortgage resource site
devoted to making mortgage terms and products easy to
understand.
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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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