Articles Bad Credit
1. Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider
2. Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan
1. Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider
By Carrie Reeder
So, youve found the perfect home. Youve already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But waitdo you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?
The credit bureaus handle hundreds of thousands of credit reports, and its only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.
Could an error be lurking on your report?
Heres a simple step-by-step guide to ensure that your credit report reflects exactly what it should.
Step One: Avoid a Bad Credit Report by Requesting a Copy of It
Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.
Step Two: Check the Personal Information
Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you dont think that it matters, youd better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. Whats worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once its found its way onto your report. Avoid all of this, and report any bad information now.
Step Three: The Credit Information
It may be too late, and you may find that there are loans or other items on your report that youve never taken out. In addition, you may find that late payments are on your credit report when youre sure that you made them on time. If you find such erroneous information, then youll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.
Its important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.
To view our recommended sources for bad credit mortgage lenders, visit this page: Recommended Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
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2. Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan
By Carrie Reeder
Do you have bad credit that you worry will stop you from being able to apply for a home mortgage loan? Have you given up on the dream of being a home owner? Well dont. Take comfort in the fact that there are special home mortgage loans that you can apply for, that will make sure your dreams of becoming a home owner are fulfilled!
Home Loans Are Flexible - The first thing you need to keep-in-mind is that home loan mortgages are very flexible they can be adjusted to meet the needs of any borrower. So, if you have a bad credit history, but circumstances have changed in your life and now you are looking to become a home owner then all you need to do is to find a lender who is willing to lend.
First Look at Companies That Specialize in Bad Credit Mortgages - Bad credit mortgage lenders or otherwise called, subprime lenders, are always the best place to look first. Bad credit mortgage companies specialize in lending to people with less than perfect credit to very bad credit, even if they are first-time buyers. The may charge you extra over the life of the home loan mortgage than would have otherwise been the case had you not had the bad credit history, but thats why theyre in the business!
Look Online Check the Internet - The Internet is the wonder of the modern age and with it comes all sorts of answers to previously unanswerable questions. In the case of the Internet, many companies are advertising that they are willing to lend to first-time buyers who have a bad credit history. All you need do is look for them.
Consider an Interest Only Mortgage to Compensate For the Higher Payment - Many home mortgage lenders offer loans to applicants with poor or bad credit history for interest only home loan mortgages. With an interest only home loan, the borrower is only required to pay the interest part of the home loan mortgage. The principal amount is due years later, depending on which type of loan you get. This kind of loan can give you the time to fix your credit and qualify for a better interest rate.
You can be approved for a home loan even with adverse credit problems like bankruptcy, foreclosure and other problems that cause your credit score to be low.
To see a list of our recommended mortgage lenders for people with poor or bad credit visit this page: Recommended Bad Credit Mortgage Lenders
Carrie Reeder is the owner of ABC Loan Guide. It is an informational website about various types of loans. It has informative articles and the latest finance news.
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Begin By Requesting A free, No-Obligation Quote Today.