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Think You Cant Get a Mortgage?
You've finally found that dream home that you have always been
searching for, but you are afraid to apply for a mortgage because
you have bad credit or less than perfect credit.
Before you give up entirely, there are many mortgage programs
that are geared towards people just like you. Here's a short
guide to finding the best one.
The first step in getting a home loan is to find out what your
actual credit score is. This will help to protect you against
lenders taking advantage of you because of your poor score. Some
companies may try to charge a higher interest rate than the
applicant's score actually warrants, so being prepared is very
important. There are many services to help you find and manage
your score, so take advantage of them.
Once you know your score, you can then begin to look around
for the best mortgage program. Generally speaking, lending
agencies categorize credit scores based upon a ranking system.
The A- category is for those with the best credit; the D-category
is for those with the worst credit history. But even if you fall
into the last group, you should be able to find a mortgage
scheme.
There are companies that will work with you, regardless of
whether you have tax liens, judgements, charge-offs or
collections. Many of these companies will probably assign you a
higher interest rate than those with good credit, and perhaps
even require you to put down a larger deposit on your home. On
average, those with poor credit histories are only able to
finance approximately 80% of the total asking price, so you will
be required to put down the difference.
Even if you have a history of bad credit, or county court
judgements levied against you, you should find a mortgage lender
who will be sympathetic towards your individual situation.
Mark Lambie is the founder of The Loan House a website that
allows consumers to quickly and easily get mortgage refinance mortgage
information.
MORE RESOURCES updated Sun. May / 28 / 2023
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It is a curious fact of human nature that people will
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Big Benefit Or A Big Mistake?
When the bills are piling up and there doesn't seem to be
any way out, a home equity loan can seem like the answer to
your prayers. Home equity loans can also be a great way to
jumpstart a business or investment portfolio.
Refinance Mortgage Rate
and Mortgage Rates
Refinance mortgage rate is the best rate available to
qualified homeowners for refinancing their current home
mortgage. Refinance mortgage rates vary from product to
product and customer to customer.
What is a
Remortgage?
A remortgage is changing your mortgage without moving your
home. Remortgaging is the process of switching your
mortgage to another lender that is offering a better deal
than your current lender thereby saving money.
Thought You Can Go All
Alone In Mortgages! Mortgage Advice Beneficial In All
Important Decisions
Mortgages are easy as long as you understand them well. But
how many borrowers can be confident of their knowledge of
mortgages.
Seniors Can Use a
Reverse Mortgage to Fund Annuities, Investments, and
Insurance Policies
For many seniors in or entering retirement, the prospect of
purchasing long-term care, investments or annuities can be
cut short by a lack of retirement income. Statistics show
that 3 out 4 seniors will have to lower their current
standard of living during retirement.
Bad Credit Refinance
Loans - Finding a Good Lender
Finding a good lender to help you with refinancing your
home loan can be tricky if you have bad credit. There are
plenty of predatory lenders out there who would like to
take advantage of you with excessively high interest rates
and fees.
First Time Buyers Fail
To Shop Around
Almost two thirds of first time buyers accept the first
mortgage they are offered and fail to shop around, often
missing out on better deals. Many first time buyers feel
pressurized by their estate agents into quickly organizing
a mortgage for fear of losing out on a property or are
attracted to a low interest rate without looking at the
mortgage deal as a whole.
Top 5 Methods to Manage
Your Home Equity
As your home appreciates in value, you gain equity. You can
look at this equity, as a portion of the value of your
home, which becomes an asset that is not burdened by debt.
Home Equity Loans - How
To Use Your Homes Equity to Consolidate Debt
If you've got a wallet full of credit cards, and monthly
payments on them that total more than 25% of your monthly
income, chances are that you've considered debt
consolidation loans or some other means of taming your
credit card debt. But did you know that a home equity loan
is another way to get the money that you need to pay off
your creditors, reduce your monthly payments, and get out
from under the weight of all those monthly payments? A home
equity loan is essentially a second mortgage taken out with
your house as the collateral.
Refinancing After
Bankruptcy
Refinancing after a bankruptcy can seem like an especially
difficult challenge, but it doesn't have to be. Six months
after your bankruptcy has been finalized, you can find
lenders willing to refinance your mortgage.
What Are Home Equity
Loans?
A home equity loan is simply borrowing on the difference of
the value of your home and the outstanding mortgage on the
house. Lets say, you have bought a home worth $50,000 some
time back, after making a down payment of $5,000.
Homeowner Loans - What's
Available?
It isn't difficult to get a homeowner loan if you own your
own home, hundreds of UK lenders will lend up to 95% Loan
to Value of your property and some as much as 125% Loan to
Value if you find you have little or no equity at
all. Homeowner loans are available to those that own or pay
a mortgage on their house, bungalow, flat or cottage.
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a Step Ahead on the Property Ladder
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You're Self-Employed
If you are self-employed, work on a contract basis, or have
an income that is irregular or comes from multiple sources,
it will generally be harder for you to get a mortgage than
it is for someone who is an employee and can easily prove
their income. A self-employed person is someone who runs
their own business and works for themselves without an
employer.
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Having poor credit alone cannot hold you back from getting
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It is a common financial scenario across households in the
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Useful Application Tips
Obtaining a home equity loan does not have to be a major
ordeal. Unlike your first mortgage, you are already in the
home, and usually time is not such a major factor.
Housing Bill - Changes in
the Right To Buy Scheme
Presently council tenants are able to purchase their rented
property after 2 years of tenancy. However, this is about
to change.
Kippers or Red
Herrings?
Recent news has made much of parents stretching their
finances to cover costs for their twenty and thirty
something children. Debts and high property prices have
forced many offspring to return home, tail between legs,
under the attractive new marketing term of "kippers": kids
in parents' pockets eroding retirement savings.
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