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How to Obtain a Bad Credit Home Loan or Refinance with Bad Credit
Many people believe that if they have a bad credit score, then
they cannot get a home loan. However, this is not true, since
bad credit home loans are readily available. If you have bad
credit and you apply for a home loan, then more emphasis is
placed on the down payment required on the bad credit home loan.
The down payments on the bad credit home loans usually range
from 3% to 5%. If you do not have enough money to pay the down
payment, then you can borrow it from a friend or a relative.
However, before doing that, you must check with your bad credit
home loan lending company, because some companies do not allow
this. Once you finance your home, you should be able to get a
second and a third mortgage, and then you can repay your friend
or relative.
If you do not want to borrow money to pay the down payment of
your bad credit home loan, then an alternative is to look for a
down payment assistance program. These programs legalize down
payments, which otherwise are usually illegal.
To easily convince the lenders to provide you with a bad credit
home loan, you must try and improve your credit rating. To do
this, you must make sure that you pay all your bills on time,
and buy a major credit card, if you do not have one. Also, you
must keep a check on your credit score and credit report.
In deciding whether or not to provide you a bad credit home
loan, the lending companies focus on a number of factors such as
loan-to-value ratio, monthly income, and debt-to-income ratio.
However, there is always a scope of negotiation, and thus you
should not hesitate in negotiating for more favorable terms on
the bad credit home loan.
How to Do Bad Credit Refinance
You may have heard that people with bad credit can't get
anything financed. Well that's a myth because there are many
companies that will offer you refinancing and loans no matter
what your credit rating looks like. Therefore how to do bad
credit refinance is not a problem. But how can one tell if they
have bad credit? The major indicators of whether or not you
have
bad credit are the following:
*If you have a FICO score of 620 or lower *In the past 12 months
you have had two or more 30-day delinquencies *Or in the past 12
months, you have had a 60-day delinquency *If there has been a
foreclosure or a charge off against you in the past 12 months
*If you have filed for bankruptcy in the past 60 months or have
been declared as bankrupt *If you're debt-to-income ratio is 50%
higher (simply stated your income can't cover the debt expenses)
It's best to know your credit scores before you make a decision
how to do bad credit refinance any other loan. The other areas
to look for are the loan amount that you are seeking, credit
reputation that you have (that is your credit score and your
history), and the collateral that you willing to put up (roughly
the amount that equal to your loan amount), and of course the
ability that you can pay back the debt. Therefore lenders always
prefer lower score borrowers than those with higher scores.
Look for lenders who process loans in-house rather than
outsourcing for credit refinance. This saves time as well as
money. Also, look for experienced loan counselors who can give
you the best advice. Some companies will also offer you the
facility to check for the status of your loan online 24/7. Shop
around for rates and various terms and conditions. The longer
you shop, the better chance you will have of finding your ideal
refinance package.
With online Internet access you can easily shop and compare
companies who are very competitive to earn your business.
Today's consumer are now empowered because of the many websites
that are availble to get a bad credit home loan or a bad credit
refinance.
About the author:
Dean Shainin is a consultant specializing in home loans,
strategies for loan financing, home equity loans, and
consolidation loan information. To see a list of recommended
loan companies, tools, resources, free quotes and information,
visit this site: Bad Credit Refinance Home Loan
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Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
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Equifax Personal Solutions: Credit Reports, Credit Scores ... |
National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
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The FTC's web site on Credit |
Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
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Federal Trade Commission - Consumer Credit Center |
Features an assortment of helpful articles related to credit issues. |
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AnnualCreditReport |
Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
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Springboard - Non-Profit Consumer Credit Management |
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myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
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Credit Suisse Global |
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Experian: Free Credit Report and Credit Score, Credit Check ... |
Credit referencing and consumer targeting for the USA and other countries. |
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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 |
Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
en.wikipedia.org |
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Credit (finance) - Wikipedia, the free encyclopedia |
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en.wikipedia.org |
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The National Foundation for Credit Counseling |
DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
www.nfcc.org |
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FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
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Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
www.moneysupermarket.com |
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Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
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The Credit Card Prank |
In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
www.zug.com |
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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. |
www.creditmag.com |
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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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