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SpinDistribute.com Article Directory

The following article was published in our article directory on November 26, 2012.
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There is No Such Thing as Bad Credit Mortgages!!!

Article Category: Finances

Here is the reality, you can actually get mortgage financing even if you have bad credit. Not only that, it does not necessarily mean that you will get the most disadvantageous rates just because your credit score is below average. More importantly, if worst comes to worst and you do get the highest interest rates, you can turn things around after 2 to 3 years of paying on time and in full. All you really need is a bit of negotiating skill, financial savvy and due diligence. Here is how.

Bad Credit Mortgages: Step 1

First you need to know where you actually stand. This means you take out a copy of your credit reports, preferably from the top three bureaus. Tip: try to avail of a 3 plus 1 deal. This means 3 reports and 1 score. Next you determine how much you can actually pay. This means filling out an income and expense worksheet. Remember, if you have a co-borrower include the income and expense of the co-borrower.

This is very important, do not under declare, or over declare income and expense. You need to be fairly accurate, around 90%. If you have any money saved up in the bank, you can utilize this as leverage or lump sum payment. If you have property that has a nice market value and is desirable in the eyes of a lender you may want to include the same to sweeten the pot (i.e. house and/or lot, automobile, stocks, trusts, etc.).

Bad Credit Mortgages: Step 2

You shop around for a bank. How? Well you start online. Go to comparative lender websites to see just how much your financial situation can get you. Next you select your top picks and then visit the banks or the lenders personally. You fish for information on just how low they can go without asking for pre-approval or actually applying for a loan. Then you go back home, analyze your data and apply for a home loan with your lender of choice.

Bad Credit Mortgages: Step 3

This is the most important. Worst comes to worst you will be given the highest interest rates and even an adjustable rate. Make sure you can actually pay for the same. Agree to the loan and then get your act together before your initial fixed rate expires. If you were lucky enough to get a fixed rate mortgage you have 2 to 5 years. This means:
Paying your mortgage on time and in full
Finding a way to get more income (salary raise, new job, part time job, etc.).

Pay off existing debts via installment plan. If you do not have the lump sum then request for loan consolidation. Again, pay on time and in full.

Save up money on your savings account. At least, an amount totaling 1 year worth of amortization in 2 to 5 years is your goal.

Within 2 years you should have enough money to make a sizabledown payment. You have fixed your credit score. And you have a good payer status with your lender. This is the time you negotiate for a modification of your loan or a refinance. Start with your original lender. If the same is not cooperating it is time to move on and look for other lenders.

Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages

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