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| *Loan,banking and credit>>>bad credit mortgage |
How can you get a mortgage with bad credit? |
How can you get a mortgage with bad credit? Bad credit is one of the worst problems to have... however there exists a solution. I will hereby talk from my personal experience. I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details, if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first, a good place to start in my humble opinion is astraight to the point ebook with question and answer I found : http://umgarticles.atspace.com/debt-cons... if it helps kindly remember me in your voting!.. cheers! Start by calling a licensed Mortgage Broker not a bank to get pre-qualified , Someone who works at a bank and punches a clock is going to give you the Rate the bank offers , A mortgage broker usually works with up to 130 lenders some of whom borrow money to people with bad credit called sub prime lenders ,anyway if your serious this person will hold your hand and help you with your credit report and get you on the right track to buying that house and probably knows reputable REALTORS in your area Licensed Real Estate Broker in Minnesota,Loan officer If you live in ontario i suggest to apply for a credit card (i.e capital one) and apply for a credit rebuilder card. If that doesn't work, i suggest you research and look for a financial consultant.. usually they're free... Hope this can help!!! the first question is, do you have current debt? Do you have at least 20% down? Do you have 3-6 months emergency fund of expenses in the bank? If you have debt & you don't have 20% down, wait, pay off the debt and save the 20% down. And wait until you have the emergency fund, what would you do if your furnance or a/c went out with no money in the bank?? If you do one of the zero down, interest only type loans you are looking for trouble. Been there, done that, never doing it again. Let's say you do zero down and you plan on living in your city forever and then you get transferred to another city 3 years later, interest only loans mean you have no equity in your house. As for the bad credit part, your interest rate is going to be huge. Mortgage brokers/lenders/banks "give" the loans away but they aren't always in your best interest. I am not saying rent forever but get your debt cleaned up and have money on hand. If by the off chance you are out of debt and have a low score because of inactivity, call Churchill Mortgage (www.churchillmortgage.com) and ask for the no FICO score loan. www.daveramsey.com Just go to mortage broker put 20% down work out a reasable payment plan good luck |
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