![]() |
Home Loans for Credit Challenged BorrowersJust 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. 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.
How to refinance your mortgage and save money every month Business Insider Mortgage rates settle after an up-and-down week The Washington Post Detroit-based mortgage giant Quicken Loans on pace to set home loan record Detroit Free Press Report: More than 6.8 million homeowners can cut their mortgage payments with refinancing - KHOU.com How to know when to refinance your mortgage KIIITV.com Mortgage rates today, December 10, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates move higher on encouraging trade developments The Washington Post Mortgage rates today, December 11, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Millennial mortgage refinances continue ascent National Mortgage News Mortgage credit standards are loosening, it may be easier to get a loan The Mortgage Reports Kent Woman mistakenly declared dead, can't refinance mortgage Darren Cunningham 6:05 PM, Dec 06 Fox17 St. Anne’s names new mortgage specialist Enterprise News Mortgage rates today, December 5, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 9, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 4, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 29, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, December 3, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports HELOC alternative Hometap raises $100M in new capital National Mortgage News 10 Housing and Mortgage Trends for 2020 NerdWallet Is now a good time to consider home loan refinancing? Newton Daily News Mortgage rates today, November 12, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage rates today, November 15, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Sims Mortgage refinancing cuts SNF interest rate by 60% - Products McKnight's Long Term Care News Homeowners are staying put longer — especially in Texas The Mortgage Reports TRANSACTIONS: GCP Capital Group arranges $66450000 of financing Real Estate Weekly FBC Mortgage Named Title Sponsor Of Cure Bowl SportsLogos.Net News Millennial refinance activity increases again in October Mortgage Professional America Refinance or not? Getting a better deal isn't a slam dunk, but low rates offer compelling choices AZCentral How long does it take to refinance a mortgage? Bankrate.com 5 common myths about refinancing your mortgage Bankrate.com Mortgage rates today, November 27, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports What to know before refinancing your home loan The Washington Post Good time to refinance your mortgage? Fox Business Mortgage rates haven’t been this low since 2016 — here’s how to decide whether to refinance your home loan MarketWatch What Is Mortgage Refinancing? Motley Fool Homeowners should skip holiday shopping and go mortgage hunting Loop North News Refinancing my mortgage lowered my monthly payment by $200, but I wish I'd known 5 things beforehand Business Insider Mortgage credit eases in November, MBA says HousingWire Refinance mortgage rate moves higher for Monday Bankrate.com Nearly 6 Million People Are Eligible To Save Money With Mortgage Refinance, Report Finds Bankrate.com Refinance mortgage rate moves up for Thursday Bankrate.com Refinance mortgage rates mixed for Wednesday Bankrate.com Refinance mortgage rate falls for Thursday Bankrate.com Refinance mortgage rate slides for Thursday Bankrate.com Refinance mortgage rate increases for Monday Bankrate.com 4 irresistible perks of a VA mortgage refinance Bankrate.com Refinance rates fall for Wednesday Bankrate.com Is it time to refi? Amid lower rates, lenders say homeowners are jumping to refinance Allentown Morning Call Refinance rates advance for Monday Bankrate.com As mortgage rates plunge, should you refinance? Fox Business Refinance rates ease for Friday Bankrate.com Refinance rates ease for Wednesday Bankrate.com Refinance mortgage rate retreats for Tuesday Bankrate.com Refinance rates retreat for Wednesday Bankrate.com Refinance mortgage rate eases for Thursday Bankrate.com Nearly 10 million borrowers could lower their mortgage rate by 0.75% by refinancing right now HousingWire How to refinance a mortgage and when to do it WTKR News 3 Refinance mortgage rates: 10 steps to get the best deal | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Should you refinance your mortgage now? Clark.com - Clark Howard
|