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The following article was published in our article directory on November 29, 2012.
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Article Category: Real Estate
Poor credit mortgages, also known as bad credit mortgages is a reality for a lot of consumers. However, this does not mean that these consumers should take a beating for the entire duration of the home loan! These consumers have the option of making the most of a bad situation and correcting the same. This article will teach the consumer just that.
Poor Credit Mortgages: The Housing Market is a Buyer's Market
A buyer's market means there are more houses on sale than there are buyers. This means lenders are predisposed to negotiation and home values are low. The good news is that it has been such after the 2008 housing meltdown. The bad news is that there are indications that the trend is about to change. Therefore it is best to get your home shopping before that reversal takes place. Otherwise you may find yourself in a seller's market.
Poor Credit Mortgages: Negotiations Before Takeout
Banks and lenders initially assume a "take it or leave it" stand. However if you know how to play your cards right you can make them bargain with you. Here's how:
You need to actually have the minimum requirements in terms of documentation and financial capacity.
Time it very near each quarterly home loans report. You can ask around for when their next report and quota is due. Chances are if there is very little takeout and there is a nearing report, the representative will be willing to break even, just to have a concluded takeout to show.
Utilize lump sum payments and/or collateral to lower the lender's risk and sweeten the pot.
Show genuine interest on the property. But make the bank realize that they are not the only lender with whom you are dealing with.
Poor Credit Mortgages: Modify or Refinance After Takeout
If you have already taken out a loan and the terms are not advantageous you can still renegotiate. If you are under an adjustable rate then you need to renegotiate a few months before the initial fixed rate expires. If you have a fixed rate 2 to 4 years is your window of opportunity. By that time you need to increase your credit rating, pay on time and in full, get a pay raise, etc.
Adjustable Rates Isn't that Bad!
The only reason why adjustable rates have such a bad rep is because of the 2008 U.S. housing meltdown. Before that adjustable rates were not shunned! Case in point, look at other Asian countries or European countries with a healthy housing market. Heck, look at Canada, which is just at the border of the U.S.! Adjustable rates mortgages actually work for the consumer. It was greedy business practices that brought down the U.S. economy, not adjustable rate mortgages.
The Bottom-Line
Due diligence is the key. You need to know how much you can afford to pay. And then take out a home loan 1 level below that capacity. If you are unhappy with your loan terms, then fix it 2 years from the time of take out. But do it after getting your act together and having a good payer status with your lender!
Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages
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