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Further
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Accepting Paypal as a payment method might increase your selling prices and your profits. This depends on what you are selling. I sell collectibles to collectors. My clients are like junkies. They will buy regardless of the payment options, so not...
Major Gifts: How To Get More Of Them For Your Nonprofit - Berwyn J Kemp
Many nonprofit organizations focus their attention on annual giving programs, such as, direct mail and special events. Yet neglect setting up an effective major gift program, or if they have a major gift solicitation program they fail to effectively...
Speed as a Trend - Harry K Jones
Observing and reacting to trends makes the difference between success and failure in today's marketplace. Technology is shrinking time and space, giving customers more choices and businesses more competition with less time to respond. Thus, speed is...
Character -- Why It Matters In Leaders - Guy Harris
"Character is much easier kept than recovered.” - Thomas Paine “The best index to a person’s character is (a) how he treats people who can’t do him any good, and (b) how he treats people who can’t fight back.” - Abigail van Buren “Good...
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Homeownership Is Still Possible With A Flawed Credit History
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Written By:
Jamie Madison
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Besides lack of a down payment, bad credit is one of the biggest obstacles to homeownership. However, just because you have blemishes on your credit doesn't mean that it has to be a dream deferred. It just means that you need to go into the homebuying process knowledgeable about the challenges you may face.
One of the first things you should do is set a timetable for when you would like to buy a home. Depending on how damaged your credit is, you may want to put off buying a home for another year. Use that time to repair your credit by paying off creditors and create a history of paying your bills on time and consistently.
Next, find out what your credit reports say about you. Consider ordering a credit report from all three of the main credit reporting agencies because not all creditors report information to the same agencies.
Equifax (800-685-1111),
Experian (888-397-3742), and
TransUnion (800-888-4213),
Once you have your report in hand, study it to make sure that the information is accurate. If there are discrepancies, make sure you follow the steps provided by the credit-reporting agency to dispute the information and get it changed. In addition, you may want to add a consumer statement on your credit report to explain any late or non-payment to creditors.
When you’re ready to apply for a loan, realize that your previous credit history may limit your eligibility for prime loans and low interest rates. When lenders are deciding on whether to issue a potential borrower a loan, they use various criteria in addition to payment history to evaluate the borrower such as - continued below ...
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employment, income, assets and liabilities.
Based on this evaluation, borrowers are offered loans rated on a scale from A to D. The more damaged your credit history, the higher of a risk you are to lenders.
Because of your blemished credit history, you will more than likely have to get a “sub-prime” loan. These types of loans come with higher interest rates and more points. Don’t assume that just because a lender offers sub-prime loans, that you will automatically be embraced. Be prepared to explain to the lender why you had credit problems and what you’ve done to prevent the situation from occurring in the future.
Don’t feel pressured into going with the first lender willing to make a loan. Doing so may cause you to pay more than you should. Get to know your mortgage market. Shop several lenders, comparing interest rates and fees, to obtain the best loan. Compare loan costs line-by-line for various programs through several prospective lenders. Also keep in mind, that there may be other ways to get a lower interest rate, such as putting down a bigger down payment.
Remember your past financial problems don’t have to stop you from experiencing the joys of homeownership.
Copyright © 2005 FreeHomeBuyingResources.com All Rights Reserved.
About the Author
Jamie Madison is a former Realtor® who provides valuable advice for prospective homeowners. Get insider information when searching for a new home or applying online for mortgage loans. Claim your *FREE* Report – “99 Home-Buying Tips” at http://www.freehomebuyingresources.com
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Secured online loan - Paul Heath
Secured loans have become very popular over recent years, with more and more consumers realizing the benefits of this type of loan. Secured finance is available to those with an asset – usually the home – against which the loan can be secured....
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Is Dot Com Dead? By William Cate Published May 1999 [http://home.earthlink.net/~beowulfinvestments/] [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/] A public company's share price relies on perception, not...
Part 4 of 5 On The Home Business Set-Up Guide - Alvin
Part 4 of 5 On The Home Business Set-Up Guide Dear Reader, These articles will provide a step by step guide on how to start and run a home based business based on my experiences and other home business owners. This is part 4 in a series of 5...
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