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Finding Fast Online Loans
Fast online loans can be a godsend… the money that you need delivered to you when you need it. Unfortunately, it can sometimes be difficult to find fast online loans, especially for those individuals who have less than perfect credit.
Of course, a...
Home Loans For People With Adverse Credit History
Whether you are planning to purchase a home for the first time or refinance an existing mortgage, plan on comparing lending companies before you accept a financing offer if you have adverse credit history. Sub prime lenders specialize in offering...
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Secured Loans – Everything You Need to Know
SECURED LOANS – EVERYTHING YOU NEED TO KNOW 24Hourfinance.co.uk is a leading financial portal enabling UK consumers to find and compare loans, credit cards, mortgages, bank accounts and cheap insurance quotes. Consumers can apply for finance...
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Home Mortgage Loans For People With Bad Credit
Getting a home loan with bad credit has actually never been easier than it is today. Here are some tips to help improve your chances of success:
Find A Good Real Estate Deal – If you can find a property that has some equity in it when you purchase it, you may have an easier time getting financing on that property. To the lender it may be almost as good as if you had some kind of down payment on the property. Some lenders will consider the properties loan to value ratio when they consider the loan. Talk to your mortgage broker and see if this factor could help you get qualified.
Try Creative Financing – See if the seller would be willing to carry back a second mortgage on the home. This is where you set up a contract or agreement with the seller that you will pay them monthly payments, including interest of, let’s say, $150/mo on $10,000 dollars of the price of the property, as a second mortgage. Then, to make it nice for the seller, perhaps put in the agreement that the entire amount is due in full within 2 years or something. That should give you plenty of time to refinance and then the seller doesn’t feel permanently locked into the contract.
Save For A Down Payment – There are lenders who may be able to qualify you for 100% financing, even with low credit scores, but your interest rate will be much lower if you can put even 3-5% down. If possible, try to save as much as possible for a down payment. Sometimes it may be better to wait about 3-6 months to get into a new home loan if it means the difference of having a down payment. The interest rate could be quite a bit better because of that factor. However, if you don’t want to have a down payment, you can always refinance later for a lower interest rate.
Shop Around – There are some mortgage brokers out there that you will talk to who will say, “I can’t help you, and if I
can’t help you, no one can help you.” But, if you persist in talking with other brokers, 10 minutes later you could be talking to someone who knows a way to help you, no problem. Most brokers feel that if they can’t help you, no one can. However, the ironic thing is that each broker is varied in the types of loans they can do. Some brokers have relationships with flexible mortgage lenders and others do not. I recommend applying online to mortgage services that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can analyze offers from multiple lenders.
Improve Your Credit Score – There are some really simple ways to improve your credit score without spending too much time at it. All 3 major credit bureaus now have areas on their websites where you can dispute incorrect items on your credit. The process is very quick and easy. Make your current payments on time to help your score. Keep your number of credit inquiries down. Too many inquiries can hurt your credit score. If you want to buy a house, don’t apply for any credit cards, auto loans or any other type of loan if you can avoid it.
If you really do want to get into a home, don’t let bad credit stop you. There are lenders out there who can help you, it just takes some persistence. Apply with multiple lenders. Like I said, apply with mortgage services that specialize in bad credit mortgage loans and will submit your application to multiple lenders with only having one credit inquiry.
About the Author
To see a list of recommended bad credit mortgage loan companies online, visit this page: www.abcloanguide.com/lessthanperfectcredit.shtml - Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and more about various types of loans.
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This page provides content and information related to the Loan Guaranty Home Loan Program. |
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The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
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