Make A Home Purchase With A Bad Credit New Home Loan
There is nothing like the feeling of walking into your newly-purchased home for the first time.
The sights and smells of that experience will stay with you forever. For years, you will remember the feel of the carpet underfoot, the smell of the paint, and the way the walls look. Every detail will stand out.
For most of us, owning a home represents so many positive things to us. It represents an accomplishment that we should be proud of. It means a safe, warm place to live. It is somewhere that we can spend time with friends and family. It represents the very best in life, and we want to spend the best parts of our lives there.
All of this can be made possible for you, too, if you are able to qualify for a home mortgage loan. Qualifying for a mortgage is the way that 99% of people move into homes these days.
What makes or breaks your chances of securing a new home loan is your credit score.
This news surely comes as no surprise, especially if you have been living for any period of time with credit cards or have ever taken out an auto loan. As you know, your credit score dictates the kind of interest rates you can qualify for - or even whether you not your loan application is accepted at all.
If you are interested in a home purchase with a bad credit new home loan, here are 5 tips:
1. Work with a realtor to find neighborhoods with homes in your price range
Start your journey toward home ownership by befriending a local realty expert. He or she will already be knowledgeable about the homes in your area and can help you find neighborhoods that meet your budget needs. Hint: focus on buying a home in the lower end of your price range, since a lower mortgage loan amount will mean a better chance of landing a loan.
2. Learn the ins and outs of your credit reports
Do yourself a favor now and pull 2-3 of your credit reports (one from each major bureau). Spend 30-45 minutes on each report. Go over the details and make sure you can explain each "ding" on your credit report to a lender, if ever asked.
3. Understand how to get in good with bad credit mortgage lenders
While 95% of lenders only focus on your credit score, about 5% bill themselves as "bad credit mortgage lenders." Seek these lenders out. They have ways of evaluating your personal financial history that looks at many more details than just a quick glance at your credit score.
4. Keep your eyes on the prize as you negotiate with at least 5 lenders
At this point, recall how important it is to you to own a home. With that image in mind, go after pre-approval loan offers with at least 5 bad credit mortgage lenders.
5. Read the fine print and understand the interest implications before signing
Before signing, make sure to read all of the fine print. If necessary, get a lawyer or real estate professional to help you review the loan papers before signing.
Take these 5 tips into account as you purchase a bad credit new home loan.
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