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bad california credit foreclosure home loan refinance stop
Bad Credit Home Purchase Loans - 3 Things You Should Know
Bad credit doesnt have to dampen your dreams of purchasing a home. With a little bit of investigative work on your part, you can find relatively low rates. You can also improve your home loan application with a few tricks. Dont forget that you can improve your credit rating in as little as two years and qualify for a low rate refinance package. These three things will ensure that you get your home at a reasonable price.
1. You Dont Have To Pay High Rates
A common misperception is that if you have bad credit, you will pay dearly for a home loan. Even with a poor credit record, you can find sub prime loans only two or three points higher than conventional loans.
Another misperception is that a bankruptcy or late payment means you have bad credit for seven to ten years. Not true. While such information will be on your record for several years, you can still have a good credit rating.
The best way to determine your credit record is to get a free copy of your credit report from the consumer credit agencies. You can also purchase your credit score info, or get it free from a credit monitoring service. With your credit report, you should also check for any errors and get them fixed.
2. You Can Improve Your Application
Your credit score isnt the only thing that affects your mortgage application. Your employment history, assets, and cash reserves are also important.
Having six months of cash reserves, such as savings, CODs, or money market accounts, can also qualify you for better rates. Down payments will also affect your rates. The larger the down payment, the better the rates.
Picking an adjustable rate mortgage is also easier to qualify for since monthly payments are relatively low with this type of financing. Just be prepared for larger monthly payments if market rates rise.
3. You Can Have Good Credit In Two Years
Once you have signed for your mortgage, remember that you can refinance in two year for better rates. During that time you can improve your credit score by making regular monthly payments and paying off short term debt.
Before signing for any mortgage, first check the rates of several lenders. A little comparison shopping now can save you thousands of dollars in the future.
Here are our recommended subprime mortgage lenders, Recommended Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
More Useful Resource and Updates on bad california credit foreclosure home loan refinance stop
- Government shifts focus of bailout (Baltimore Sun)
Less of $700 billion will buy securities based on bad mortgages Urgently shifting course, the Bush administration is abandoning the centerpiece of its $700 billion economic rescue plan and exploring new ways to shore up not only banks but credit card, auto loan and other huge nonbank businesses.
- Mortgage Bonds Fall to New Lows as Paulson Scraps U.S. Buying (Bloomberg)
Nov. 12 (Bloomberg) -- Residential and commercial-mortgage backed bonds tumbled after Treasury Secretary Henry Paulson said the government no longer plans to buy devalued mortgage assets, credit-default swap indexes suggest.
- Agency offers mortgage assistance to homeowners in trouble (The Palm Beach Post)
After more than a year of piecemeal mortgage-relief initiatives, Washington and the mortgage industry Tuesday announced the most sweeping effort to date to get at the heart of the credit crisis - falling U.S. home prices and record foreclosures.
- Mortgage Situation 'Requires Legislation,' Frank Says (CQPolitics.com via Yahoo! News)
House Financial Services Chairman Barney Frank said Wednesday that Congress should take up legislation to make it easier to renegotiate troubled mortgages, citing what he called a lack of cooperation from mortgage servicers.
- New plan for home loan help on way (San Diego Union-Tribune)
WASHINGTON ? As losses from bad home loans continue to mount despite more than a year of government and industry focus, some of the giants of the mortgage industry, including Fannie Mae and Freddie Mac, yesterday unveiled another stepped-up effort to keep delinquent borrowers out of foreclosure.
- Banks cut down interest rates on home loan (Central Chronicle)
The public sector banks have announced to cut down the interest rate on major loans by 50 to 75 basis points (0.50-0.75%). The banks announced it after concluding the meeting of the heads of the banks with Union Finance Minister P Chidambaram, who assured the bank chiefs to take some measurable steps to help banks in reducing bad loans on their books.
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