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By Marie-Claire Smith

There is almost nothing a person can buy that gives him or her as much pride as does buying a home. The entire home-buying experience is really something to get excited about, including choosing a good neighborhood, going from home to home, and making an offer.

The best part, though, is walking through the front door of your new home shortly after having signed your new mortgage loan papers.

The dream of home ownership is alive and well today, despite challenges in the housing market and issues with the overall economy. Good times or bad, people continue to buy and sell homes just like at any other time in modern history.

The vision of buying a home of one’s own can feel a bit more dim if you have a poor credit (FICO) score. Most people with bad credit scores are their own worst enemies, telling themselves over and over again in their minds that they cannot possibly have the house of their dreams, given their score.

This sentiment is just not true, however. The key is to know how to shop for a home and how to pull the right ropes as you go through the mortgage loan process.

If you are on the lookout for high-risk mortgage loans for bad credit borrowers, here are 5 tips to get a good rate:

1. Find a house that speaks to your soul but that is also good to your pocketbook:

Finding just the right home on which to make an offer is such a personal decision. A home represents so many things to each of us. Your choice of home has to suit you mind, body and soul or you should just pass it up and keep searching. All of that being said, make sure that you choose a home that is well within your financial means. Given your bad credit score, you should consider buying a home that is lower-priced that the best one you could otherwise afford to make payments on.

2. Consider FHA programs and foreclosed homes:

Look at all of your options, including FHA programs (for U.S. residents) and homes that have been through foreclosure. These may allow you to qualify for special home-buying assistance or to pay less for a home at auction.

3. Shop for a loan from lenders who seek poor credit borrowers:

Some home mortgage lenders specialize in working with people who have poor credit scores. Be sure to seek out these lenders as you build a list of candidate mortgage lenders to which to apply. Your chances in qualifying for a loan will be much higher with them.

4. Order your free credit report and fix errors you find there:

If you are a U.S. citizen or resident, you have the ability to request a free copy of each of your credit reports (i.e., one from each of the major credit bureaus) each year. Go ahead and do so; then, report any issues or misreported line items that you discover in any of them.

5. Do not rest until you have applied to at least 3 high-risk mortgage lenders:

Follow through and apply to at least 3 high-risk mortgage lenders. If you apply to just one and for some reason do not qualify, just go onto the next. Even if you do qualify for an offer on the first loan application, still follow through in applying with all lenders.

Follow these 5 tips for getting a good rate on mortgage loans for bad credit borrowers and get that feeling of pride of ownership that comes with owning a house.

About the Author: Get access to more bad credit mortgage tips and lending resources at:

My Bad Credit Mortgage Lender

.

Source:

isnare.com

Permanent Link:

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By Kellie Purden

Knowledge is a very powerful instrument. Being aware of something can help anyone stay on top of the game and have a clear plan of what to do in the future. This holds true even when dealing with finances. It is not enough to be able to maintain a decent pay and to allocate resources accordingly. Credit is an important part of one’s financial status; thus, it is essential to know once credit score. What keeps others from doing this is fear of shelling out funds for obtaining their credit report. Luckily, there are ways to check FICO credit score free. Here’s how.

There are several options as to how one can check FICO credit score free. The first is to obtain it directly from the three credit bureaus. However, this may take time and there is a short window for the free trial offer. Thus, with this option, one might not be able to obtain a credit report without exceeding the free trial period. In addition, it would take more time signing up for each of the three credit bureaus just to obtain all three reports. The only advantage is that one can obtain his credit score directly from the three bureaus, nothing else.

Another alternative in order to check FICO credit score free is by signing up for such online services. Nowadays, one can easily find a website that offers to provide free credit report from all three credit bureaus with just one sign up. Since there are a lot of sites offering these services, one should be able to choose using the following considerations: safety, quality of service, credit repair services. If one is serious in getting a good credit score, obtaining one’s current credit report is only the first step. Once it is obtained, one should be ready to take action in terms of correcting or disputing incorrect items in order to get a better credit rating in the future.

Once one is able to check FICO credit score free, he will be able to know where he currently stands. Banks and creditors check one’s credit score in order to determine whether a person is qualified for a loan and mortgage. In addition, one’s credit score will determine the applicable interest rates for a particular loan or mortgage. This is why one should first obtain a copy of his credit report before applying for any loan. Once the credit report has been sent to a bank and is used to evaluate a loan, it will take a long time to dispute an incorrect item.

There are a lot of advantages when one has the initiative to check FICO credit score free. The most important aspect is that one will be able to fully control his finances and will be able to get the best rates for a loan or mortgage. In these trying times, lower interest rates really mean a lot and it can help someone take control of his finances better. In addition, it would be frustrating to know that one is paying a higher interest rate just because he failed to check or get a copy of his credit report prior to applying for a loan.

About the Author: Click to

bestfreecreditscores.com/

right now and see how well you are doing. Checking your own scores will not lower your score.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=665721&ca=Finances