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57 Ways To Reduce Housing & Home Expenses
1. Consider buying an old, inexpensive house & modernizing it yourself.
2. Check firms that build the house's exterior and you do the inside work.
3. Give thought to living in a mobile home or modular housing.
4. You can save substantially...
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task if you don't know exactly what to look for in a power
washer. There are so many sizes of power washer from various
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Prevention is Key to Safer Home Heating
(ARA) - If you can’t see it, smell it or taste it, how do you know if carbon monoxide is trapped in your home? Carbon monoxide is the result of incomplete combustion of liquid, gaseous or solid fuel. Before you light the first fire of the heating...
"Wow, You Have Amazing Woodwork!"
Amazing Woodwork "Wow, you have amazing woodwork!" I hear it every time I take someone to visit my grandparent's centennial home. Built shortly after the Civil War by a skilled trim and finish carpenter, my great-great grandpa, the home boasts its...
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Home Loans for Credit Challenged Borrowers
Just because you have negative items on your credit report doesn't mean you can't obtain a home mortgage loan. There are options for you. Bad credit is not the end of the world. It's true that getting a bad credit mortgage loan is not always the easiest or fastest mortgage loan out there, but you can still buy your own home even with bad credit.
Bad credit shouldn’t stop you from getting a home loan. There are credit repair options. Most mortgage brokers will do everything they can to get your credit in good shape for your home loan. They work with you on finding the mortgage loan option that's right for you. You can get a home loan, even if you’ve had a bankruptcy or a foreclosure.
There are several bad credit mortgage loan options available for the credit challenged and even people with no credit at all, such as:
• Sub-Prime Mortgage Home Loans
• Stated Income Mortgages
• No Money Down Home Loans
• Jumbo Loans
• Adjustable Rate Mortgages
Step One: Know Your True Credit Score
Perhaps you’ve already been turned down for a mortgage because of a negative credit report or having no credit at all. Perhaps you’ve filed for bankruptcy. Whatever the case may be—You know your credit is bad.
But do you know how bad?
Are you sure your credit report is accurate? Eighty percent of credit reports have mistakes. At Mortgage-Loan-Advantage.com we help you find out if your credit is really as bad as you think it is. Here's what we can help you do:
• Get a copy of your credit report.
• Verify the items listed on your credit report.
• Take steps to repair any errors on your credit report.
• Take steps to remove errors on your credit report.
• Monitor your credit regularly.
Step Two: Consider Your Options
You really have two options, once you know what your credit score is. You can contact
a bad credit mortgage lender and accept that for a while you must pay a higher interest rate than you would if your credit was perfect.
Or you can wait and try to fix your credit and bring up your credit score before you buy a home.
If your credit history is not that bad, you might want to take some time to bring up your score. To improve your credit score:
• Pay off as much debt as you can.
• Pay your bills regularly and on time.
• Don’t apply for too much credit.
If you absolutely must get into a home now, or it looks like it would take too long to bring up your credit score significantly, contact a bad credit mortgage lender. Be prepared to pay a higher interest rate and more “points”—which are a percentage of the loan.
Step Three: Prepare Yourself with the Facts
Before you approach a bad credit mortgage lender, prepare.
Assess your financial situation. Do you have the income to add a mortgage to your debt load? Have you made as many lifestyle changes as possible to reduce your debt? Have you done all you can to bring up your credit score?
If the adverse credit items on your credit report occurred because of some reasons beyond your control, for instance, illness, job layoff, marital problems or other temporary setbacks, you must provide a written explanation of your circumstances to the bad mortgage loan officer. This can be provided with the loan application or at some other point in the loan process. If you have had sufficient time to regain financial stability since the problems occurred and to demonstrate prompt payment, the lender may offer some consideration on the rates.
About the Author
Horace Hawkins is the President of Mortgage-Loan-Advantage.com and HoraceHawkins.com. As a mortgage loan broker, Horace serves the Dallas Fort Worth Metroplex with superior home mortgage loan services.
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