January 31, 2010

can i get a mortgage with bad credit rating?

hi
i have been paying a mortgage to various lenders since 1993 and never missed a payment
however, my credit rating is now very poor and in a few months i need to renew my mortgage
i assume i will have no problem with my current lender but what about shopping around?

you always shop around no matter what your credit is like!!!

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January 22, 2010

Is it impossible to find a mortgage with severely bad credit?

My husband and I are looking to purchase our first home, however we both have very poor credit scores (and yes I know this is bad news) but we have found a home of which we would like to purchase. The home loan would be for about $120,000, I am currently a nurse and my husband is on disability and has been for the past 10 years! We are confident that we can afford a mortgage, but really don't want to go through the whole credit repair bit because well quite frankly it would take forever and a day to do!!! I have searched high and low for a lender that does bad credit mortgages with no good results! Does anyone know a legitimate lender who would deal with us??? Before answering, yes I realize it is not wise to have bad credit and need to borrow, but we are at odds here so please no rude answers…

Thanks in advance
To "my take on it"–I didn't ask for your opinion on if we could handle a mortgage payment or not! My question was rather simple in asking for bad credit lenders! Thanks for your answer, however I wish you would have actually read the question before answering!

Thanks everyone for your answers (the ones who answered the question that it:-)

There are very few "bad credit" lenders anymore. Expect that IF (a big IF) you can find one, you will need 20% down and will pay a relatively high interest rate (probably in the 7.5% to 8% range). even FHA requires two years of clean credit before they will guarantee a loan.

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November 19, 2009

Your Questions About Bad Credit Answered

Not everyone has a good credit core. Some people have a bad credit score. This need not be the end ot the road and does not mean that you cannot obtain further credit. Borrowing more may reduce your monthly outgoings and improve your credit rating.

Most lenders give priority to borrowers who have a good credit rating in their credit report. That said; even if you have bad credit you may still get credit. Also, there are ways to improve your credit profile.

Homeowners with bad credit may decide not to apply for a mortgage refinance. The majority of people assume that their application for a loan will be turned down due to a bad credit rating. However, many homeowners have succeeded in refinancing their mortgage despite having a low credit rating. In many cases refinancing your mortgage may improve your credit rate. The fact that a loan has been accepted is good for your credit score and if you use the loan to pay off debts such as unsecured loans and credit cards then you may recover from bad credit. If you use common sense and pay off your expensive credit you can impove your credit score. Refinancing tips and advice can be obtained online.

When a homeowner with bad credit refinances their mortgage to pay off expensive debt it is often called a debt consolidation loan. This can only be done if the value of the home means there is enough equity in the property to use as security for the increased loan. Typically this will be the case where the house has increased in value. The new loan will normally be larger than the old loan. It will need to cover the old loan and any other debts to be paid off. Mortgage refinancing normally involves many of the same steps involved in obtaining the original loan so the new loan will also need to cover the cost of refinancing together with any closing costs.

If you have a bad credit score for example below 66 then you will need to use a sub-prime refinance lender. These lenders work with people with bad credit whether the credit is caused by poor debt management or a history of chapter 7 or chapter 13 bankruptcy. The loan process or refinancing may be stressful but mortgage refinancing may be possible even with bad credit.

Shelley Green
http://www.articlesbase.com/non-fiction-articles/your-questions-about-bad-credit-answered-119333.html

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November 18, 2009

Getting a Home Loan With Bad Credit

Everybody wants to be able to get a house one day, and in many cases it can actually be cheaper than renting. So why should bad credit stop someone from getting the necessary mortgage to be able to buy their house? The truth is that these days there are more than a few lenders who would be ready to give you, on certain conditions, the bad credit mortgage you want. Here are some details about it.

It is true that having bad credit will eliminate you from some of the best deals, but it does not eliminate you altogether. The first thing you need to do to ensure that you can get the best deal available to you is to look at your current credit report and check it over for incorrectly reported problems. These can easily happen and they are probably much more common than most people think. After you correct any inaccuracies, you can continue the process.

The next step would be to decide whether you believe you need to have the bad credit mortgage quickly, or if you want to take a little time to repair your credit rating. Of course, it is recommended that you repair your rating some and it will enable you to get a better deal.

Decide what kind of loan you want. You will need to know which one you want when you start making your application. There are basically two kinds, a fixed rate mortgage and an adjustable rate mortgage. A fixed rate mortgage remains the same in terms of interest and payments throughout the life of the loan. An adjustable rate mortgage, on the other hand, changes every period (could be monthly or yearly) in terms of interest and payment amount.

Go to your bank's mortgage officer, or look online and begin to see what you can borrow. Don't get so excited, though, when a lender extends you an offer that you fail to compare with other offers. Truth is that there are many that will lend you money - but many will not be in terms you will want to accept. Look over all terms carefully, compare interest rates, and then all fees separately. Be careful about extra long terms - longer than 30 years. While it does lower your payments, it also definitely increases the amount you owe.

In order to get better deals, you should be able to put down at least 20% of the cost of the house. Also, you will want to use it in such a way that it should be the last time you will ever need to get a bad credit mortgage. Your credit can be repaired, but do not get a home loan bigger than what you may be able to safely handle. A financial counselor can advise you on what is the best way to arrange your finances and can recommend to you what is a safe amount of mortgage for you to handle. Remember, your home is now the collateral for the mortgage, so you will want to take care to keep your new credit levels intact.

Joseph Kenny
http://www.articlesbase.com/finance-articles/getting-a-home-loan-with-bad-credit-82245.html

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November 16, 2009

Bad Credit Mortgage for a Safe and Secure Online Adverse Credit Remortgage

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