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Bad Credit History? How Financing and Buying a Home Can Help You Improve Your Financial Situation
Financing and buying a home can help improve your financial situations, especially if you have a bad credit history. Adding a mortgage payment to your monthly expenses seems like a mistake if you are having financial difficulties, but in the long run a mortgage can save you money on your living expenses.
Raise Your Credit Score
Regular payments made on a loan-term loan, such as a mortgage, are weighted more heavily by financial institutions that regular credit card payments. Within three years of regular payments, you can raise your poor credit rating to good and qualify for lower interest rates on all your loans.
So while you will probably have to finance your mortgage with a sub prime lender if you have poor credit, you can expect to refinance your loan for better rates in about three years.
Investment For The Future
Paying rent is simply making someone else richer. For the same amount you are paying on rent, you can be making a house payment and investing in your future. You will be building equity through your monthly payments and rising real estate prices.
Your home's equity is a financial safety net that you can tap into for future emergencies. With its interest written off on your taxes, this line of credit is better than using a credit card. You can also use the equity as part of a retirement plan by down-sizing your home in the future.
Reduce Future Living Expenses
Unlike rent, your mortgage payment won't fluctuate, unless you opt for an adjustable rate mortgage. So while your paycheck will increase with each pay raise, your mortgage payment will be taking a smaller chunk of your paycheck. And once your mortgage is paid off, then you will really see a reduction in your living expenses.
If you are really ambitious, you can also create wealth through purchasing and renovating a house. Often times a little bit of sweat-equity can have big payoffs. You can then sell the house and purchase another house to renovate. This hard-work process is best for those willing to put a lot of time and effort into a project.
To view our list of recommended bad credit mortgage lenders online, visit this page: Recommended Bad Credit Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Fri. December / 08 / 2023
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting - Business Insider
Mortgage Interest Rates Today, December 6, 2023 | Rates Down Ahead of Next Week's Fed Meeting Business Insider
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Can You Get A Mortgage Without A Job? A Complete Guide Zing! Blog by Quicken Loans
Current Mortgage Rates Money
Does Refinancing A Mortgage Hurt Your Credit? Bankrate.com
What is a cash out refinance? How to get money from your mortgage Business Insider India
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Mortgage Interest Rates Today, December 3, 2023 | Rates Remain Low After Dropping Last Week - Business Insider
Mortgage Interest Rates Today, December 3, 2023 | Rates Remain Low After Dropping Last Week Business Insider
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Is Now a Good Time for a Mortgage Refinance? NerdWallet
Current Student Loan Interest Rates in December 2023 Business Insider
Mortgage Rate Forecast for 2024 USA TODAY
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Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month - Business Insider India
Mortgage Interest Rates Today, December 7, 2023 | Rates Low So Far This Month Business Insider India
VA loan refinance: What is it and how does it work? Yahoo Finance
Mortgage rates are falling at fastest pace since the 2008 crash Business Insider
MBA: Mortgage Applications Increased in Weekly Survey Calculated Risk
Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise - Bankrate.com
Current national mortgage and refinance rates, November 27, 2023 | Majority of rates rise Bankrate.com
15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider
Mortgage refinance: What is it and how does it work? Yahoo Finance
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
Home Loans For Single Moms | 2023 Programs And Assistance The Mortgage Reports
When Should You Refinance Your Mortgage? Bankrate.com
Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 - Business Insider
Mortgage Interest Rates Today, December 2, 2023 | Rates Are Down, and They Should Drop More in 2024 Business Insider
Will Mortgage Rates Go Down in 2024? What Homebuyers Should Expect Business Insider
The best mortgage lenders for refinancing in December 2023 CNN Underscored
What Credit Score Do I Need To Refinance? Bankrate.com
How To Choose The Right Kind Of Refinance For You Bankrate.com
7 Ways To Refinance A Mortgage With Bad Credit Bankrate.com
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability - Business Insider
Mortgage Interest Rates Today, December 1, 2023 | Rates Fall Further, Boosting Affordability Business Insider
Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage - San Francisco Chronicle
Exclusive: S.F.'s Stonestown mall owner closes on refinancing $180M mortgage San Francisco Chronicle
How Long Does It Take To Refinance A House? Zing! Blog by Quicken Loans
Cash-out refinance: How does it work? CNN Underscored
Best Mortgage Refinance Lenders In 2023 Bankrate.com
Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts - Business Insider
Mortgage Interest Rates Today, November 30, 2023 | Rates Dip Even Further as Markets Eye Fed Cuts Business Insider
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot - CNBC
Should you refinance your home after divorce? Here's what happens to your mortgage after untying the knot CNBC
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News - U.S News & World Report Money
How Soon Can I Refinance My Mortgage? | Mortgages and Advice | U.S. News U.S News & World Report Money
2 Reasons Why a Free Mortgage Refinance Could Be Right for You The Motley Fool