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Getting a Home Mortgage Loans with Bad Credit
If you plan on ever buying a home (and in some cases even renting a home), you need to start paying close attention to your credit report right away. Bad credit is going to make it near impossible for you to get a home loan - at least at a decent interest rate!
Typically banks are like vulchers in getting loan applications. Did you know that it is estimated that before you actually pay off your home, you will have paid 3 times what you originally bought the house for! The banks can make a 200% return over 30 years, we're talking about making hundreds of thousands of dollars on millions of homes!
So, why in the world would a bank even think about saying no to you?
Well, if your credit is bad, they look at you as a high risk and pretty much have proof saying that you may not be able to pay back that loan! So, now instead of making a 200% return on their loan, they may actually lose money and have to deal with the hassle of kicking you out of your own home.
To avoid that, if you have poor credit, you will likely not even get a home loan.
Some times, even if you DO get a home loan, it will actually be at a very high interest rate - so high that most likely renting would make more sense. Banks do this so that they can hedge their risk on you. So, they take a chance on making much more on you.
Now, remember, you can go ahead and get a loan at a high interest rate - work on improving your credit score. Then, just 2 years or so later, you can refinance your house and get back to a much lower interest rate!
So, no matter what, it is better to own your own home rather than rent a home.
Bottom line, before you apply for a home loan, make sure to have a look at your credit score and get a copy of your credit reports. Make sure that everything on your credit reports is accurate so that you are not being penalized for something you did not do! Once you agree with your credit report, apply to a few different loan firms to see the best deal you can get.
Also, the higher the down payment you can make, the less risk you are to the bank (no matter your credit score) so they better the loan you can get!
Learn how to immediately apply for credit cards for bad credit no matter what your credit score is. Learn how a credit card can actually improve your credit rating!
Lots of FREE information on how to manage your credit...
Free articles on applying for the best credit cards at:
http://www.1a-low-interest-rate-credit-cards.com/
More Useful Resource and Updates on new credit cards for bad credit
- ANNIE'S MAILBOX: Taking daughter to court is one option to recoup loan (Lancaster Online)
Dear Annie: Five years ago, I had a mortgage of $15,000 left on my home. My daughter, "Jacey," wanted to buy a house, but her husband's credit was bad and she couldn't get a bank loan, so she asked me to take out a second mortgage and give her the money.Jacey was to pay $400 a month, and I'd pay the...
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But in the new credit-starved economy, old axioms don't always hold sway. Of course not everyone agrees to an equity-grabbing approach, but there is a consensus among financial experts that your lender could take back your equity loan money if you don't get to it first.
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