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Getting A Home Loan With Bad Credit

Getting A Home Loan With Bad Credit

Everybody wants to be able to get a house one day, and in many cases, it can actually be cheaper than renting. So why should bad credit stop someone from getting the necessary home loan to be able to buy their house? The truth is that these days there are more than a few lenders who would be ready to give you, on certain conditions, the bad credit mortgage you want. Here are some details about it.

It is true that having bad credit will eliminate you from some of the best deals, but it does not eliminate you altogether. The first thing you need to do to ensure that you can get the best deal available to you is to look at your current credit report and check it over for incorrectly reported problems. These can easily happen and they are probably much more common than most people think. After you correct any inaccuracies, you can continue the process.

The next step would be to decide whether you believe you need to have a bad credit mortgage quickly, or if you want to take a little time to repair your credit rating. Of course, it is recommended that you repair your rating some and it will enable you to get a better deal.

Decide what kind of loan you want. You will need to know which one you want when you start making your application. There are basically two kinds, a fixed-rate mortgage, and an adjustable-rate mortgage. A fixed-rate mortgage remains the same in terms of interest and payments throughout the life of the loan. An adjustable-rate mortgage, on the other hand, changes every period (could be monthly or yearly) in terms of interest and payment amount.

Go to your bank’s mortgage officer, or look online and begin to see what you can borrow. Don’t get so excited, though, when a lender extends you an offer that you fail to compare with other offers. Truth is that there are many that will lend you money – but many will not be in terms you will want to accept. Look over all terms carefully, compare interest rates, and then all fees separately. Be careful about extra long terms – longer than 30 years. While it does lower your payments, it also definitely increases the amount you owe.

In order to get better deals, you should be able to put down at least 20% of the cost of the house. Also, you will want to use it in such a way that it should be the last time you will ever need to get a bad credit mortgage. Your credit can be repaired, but do not get a home loan bigger than what you may be able to safely handle. A financial counselor can advise you on what is the best way to arrange your finances and can recommend to you what is a safe amount of mortgage for you to handle. Remember, your home is now the collateral for the mortgage, so you will want to take care to keep your new credit levels intact.

Home Mortgage And Our Age

Home Mortgage And Our Age

Home mortgage refers to the document borrower signs that gives the lender a right to take possession of the property if the borrower fails to pay off the loan.

We, the people, and they, the people also, love to own things. Some important, some trivial. From small things with great sentimental values to large things that everyone envies. Owning a home for most is a dream come true and for most, it is a dream most will never truly realize.

Yes, most live in a home but as long as you make a payment on the home mortgage, in my opinion, you do not own it. It does not diminish the pleasure you or I drive from living in a home that is not a rental nor do we take less pride in the fact that we actually live in a property that most people can call ours.

After all, we pay property tax, insurance, and homeowner dues. We mow the lawn even when we rather watch football and repair the roof when needed even if we have to borrow some more money to pay for it. We furnish the home, buy indoor plants. We landscape the yard and we throw parties in the back yard and play tag with our rottweiler.

For all practical purposes except one, we own the home. So why am I making a big deal out of this thing called a home mortgage? Maybe I shouldn’t since over the last twenty-some years of homeownership, home mortgage, home equity line of credit, and the second mortgage has helped me out of so many financial troubles that I can hardly count.

As my wife and I get older we also realize that every time we traded our home up we moved to a bigger and more beautiful home which also meant a bigger mortgage. We realize that we cherish freedom more and more and home mortgage obligation is something that we love to have paid off. We like to truly own the home.

As you look at various lenders looking for new home mortgage loans or refinance your existing home, you may also consider that you, at some point, may want to own your home. Perhaps, choosing the lowest interest rate is not the best way to go but the one that with a little hardship helps you own your home a little earlier.

I think one of the greatest financial securities in life is not owning a home but having the home mortgage paid off. What do you think? Do you need assistance in buying your dream home? We can help!

How You Can Remove A CCJ And Repair Your Credit History

How You Can Remove A CCJ And Repair Your Credit History

When a person is unable to pay his creditors, a civil case can be brought to the County Court in England and Wales, or the Sheriff Court in Scotland. The court can make a judgment (or a decree in Scotland) against the debtor that then remains in force until such a time as the debt is paid.

Although having a CCJ(s) on record will not rule out the ability for an individual to get credit, they have to be considered in the context of the application as a whole. The lender may view the individual in this case as someone who has been unable or unprepared to meet obligations in the past and therefore this may reflect there ability or intention to do so in the future. For this reason the importance of removing a CCJ is evident.

Most CCJs are the result of an undefended court summons. This can often happen as the defendant is not aware of the correct course of action needed to resolve the situation. In this way, the court will enter a judgment by default.

The Central Registry will then pass the information about the CCJ to the credit reference agencies. Debts to a specific creditor can be paid in full; however, the CCJ will stay on file. This is partly because a request for the removal of the CCJ has never been issued. Simply because whoever received the judgment did not know that it was necessary.

If a CCJ is set aside or reversed (This can take place by appeal or settling the outstanding arrears within one month), the courts will automatically remove the entry from the Register of County Court Judgments.

The details below are required to process the removal of a CCJ:

  • The name of the plaintiff. This will usually be the creditor
  • The Case Number. This is needed in every instance as without the case number the court will not even consider an application.
  • The original summons.
  • The name of the Court.

Getting a CCJ Removed

Firstly, you will need to obtain a current copy of your credit file. This copy can be requested via the internet, or by written request from one of the credit reference agencies – usually Experian or Equifax.

Secondly, obtain all the information about the CCJ that has been issued against you. As mentioned, this will be obtained from your credit file.

The next step is to write a letter asking the court to send all of the details they have against you regarding your CCJ.

What should I do if I have been unfairly or incorrectly issued with a CCJ?

A form known as the ‘N244’ may be requested from the County Court, free of charge. The N244 form is filled out to request the removal of an unfair or incorrect CCJ to the Courts. This form must be completed giving all the details relating the CCJ, with an explanation of why the judgment should be set aside.

Here are some common reasons why a CCJ should be set aside:

  • The full 28 days notice was not given to pay the outstanding debt.
  • An incorrect postal address was used when the summons and judgment took place
  • The summons was never received
  • The issued CCJ still appeared on the credit file even though all arrears were settled within 28 days
  • 21 days was not provided to reply to the court, due to a late summons.
  • Your name was used by another to gain credit, resulting in a CCJ
  • Out of court settlements with the plaintiff, resulting in all arrears paid
  • If you did not receive any notification of the judgment/s made against you, then you can appeal.
  • Unable to attend court, due to other circumstances
  • Summons taken out against both yourself and another person jointly and only one party received a summons

It is important to remember that even if you do have one or two CCJs, it will not stop you from being able to get a loan or mortgage. In today’s society, lenders have had to change their lending criteria in order to fit in with demand. For this reason, there are a number of specialist finance products on the market, such as no credit check loans and a CCJ remortgage. These products allow you to have up to two recent CCJs, the rate of interest you pay will be slightly higher than that of a standard loan or mortgage.

Massachusetts Mortgage After Bankruptcy – 3 Of The Most Expensive Mistakes You Can Make

Massachusetts Mortgage After Bankruptcy – 3 Of The Most Expensive Mistakes You Can Make

Massachusetts has state laws that prevent predatory lending practices, but when refinancing after bankruptcy, it can still happen.

Everyone makes mistakes, but when it comes to refinancing after bankruptcy, mistakes can get expensive. To make sure you don’t cost yourself any unnecessary hard-earned money, it’s better to learn from some of the errors that other people have made. Here are some of the most common mistakes associated with refinancing a Massachusetts mortgage after bankruptcy:

Not Taking Steps to Repair Credit Before Refinancing

With a low credit score, you are guaranteed to pay more for your Massachusetts mortgage refinance after a bankruptcy. If you can afford to wait for a few months to take the time to repair your credit, you should. You will qualify for much better rates and terms. A lower rate could save you thousands of dollars over the life of your loan.

Choosing the Wrong Lender

Your post-bankruptcy refinance is only as good as the lender you choose to work with. If you get bad rates, bad terms, and bad service, you could pay for it for years to come. Always take time to find the right lender to work with. If you catch a few small ways that the lender has tried to cheat you. If you continue to work with a lender that has been dishonest, you may find after closing that the lender has cheated you more than you thought.

Not Negotiating for Cheaper Closing Costs

Closing costs for Massachusetts refinance loans average $3,143. If you want to pay less than that when closing on your Massachusetts mortgage refinance, you should try to negotiate with your lender to see if you can have certain fees waived. Lenders don’t usually advertise the fact that they will negotiate when it comes to closing costs, but almost all of them will if the borrower brings it up.