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Useful Links For Authors Author Guidelines Article Writing Tips Why Submit Articles HomeFinance ArticlesMortgage ArticlesHow to Get a Mortgage When You Have Bad Credit?How to Get a Mortgage When You Have Bad Credit? By Ryann Paul on November 13, 2010
Consider the following situation. You want to buy your own home. You applied for a mortgage loan. You are waiting for the approval from the mortgage company, but you get rejected instead. Why? That’s because of bad credit. You might have had extensive credit card debts or a County Court Judgment against you leading to a very low credit score. This, however, is no new situation for many people. Many people have been rejected a mortgage because of bad credit. However, this does not mean that you can’t avail a mortgage in a situation of bad credit. No matter your credit history, you can get a mortgage. If you cannot get a standard mortgage, you can still get a Bad Credit Mortgage.
A bad credit mortgage is a tool designed for people with credit problems to buy a property. In the recent years, people with bad credit history have increased, and so has the market for bad credit mortgages. The main mortgage lenders as well as new bad credit mortgage companies have mortgage companies in CT designed products targeted at such people.
Bad credit mortgage is not much different from a standard mortgage. The main difference would be the interest rate. The bad credit mortgage companies would charge you a high interest rate as you have bad credit attached to your report. You may have to make a down payment which is higher than in general case. There might also be some restrictions on how much money you would need to pay and how often. If you make all your payments regularly, it will surely help increase your credit score.
Products for bad credit mortgage loans can sometimes be complex, and people looking for standard mortgages get confused by them. It’s good to seek expert advice during such situations. The expert will be able to tell what products are best for you given your circumstances. They will also help you in filling the application form and will help you in any kind of issues.
Applying for a bad credit mortgage is similar to standard mortgage. The lender would check your credit report, your income, employment history as well as the amount of debt you have. They may also want to know the amount of down payment that you would be making. Lenders would also check your payment history. All this will count in determining the terms and conditions for your bad credit loan. In order to save your money, you must try to improve your credit score. Correcting a single mistake can save you thousands of dollars. Therefore, work on rebuilding your credit score. Get your report updated with any payments you have already made towards your debt.
Also, before you apply for a mortgage, shop around to get the best deal. Look at the various offers by different companies. Some lenders would be very stringent and would charge you very high. Avoid them. Make sure that you do your research properly. You already have financial issues; you do not want to fall into more debt trap. Find out all the facts before you commit or sign any document. If you will be just a bit cautious, you can have your home in no time at all.
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How to Get a Mortgage When You Have Bad Credit?
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Originally posted 2013-08-18 23:46:03.