How You Can Get A Mortgage With Bad Credit
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How You Can Get A Mortgage With Bad Credit

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© Debts- Challenge.com Let͛s face it, getting a mortgage is a dream for many but with their concerns regarding their financial situation, especially if they have a bad credit score then they may think that it will never happen for them. The information within this book will help and could well be an eye-opener. You are welcome to share this book with anyone who you think may get help from the information within. This eBook covers: when and when not to get a mortgage, what to do if you have bad credit and need a mortgage, alternatives to a mortgage payment that you could consider 5 simple steps to fixing your creditʹ Click to watch the video now #1 - When is the right time to get a mortgage. x If you are planning on living in a certain location for the next five to six years, then this is a good time to purchase a home. x However, if you have just left college and don't know where you will be working for the long term yet, wait and rent until you have some certainty in your life. You have to work with a mortgage broker or loan officer that broker out to many different banks and is doing high volume.If you walk into a bank, they will always want to prequalify you for some type of loan but the bottom line is, that is just one bank.Not all banks are the same. © Debts- Challenge.

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Published 12 December 2016
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Language English
Document size 1 MB
© Debts- Challenge.com
Let͛s face it, getting a mortgage is a dream for many but with their concerns regarding their financial situation, especially if they have a bad credit score then they may think that it will never happen for them.
The information within this book will help and could well be an eye-opener.
You are welcome to share this book with anyone who you think may get help from the information within.
This eBook covers:
when and when not to get a mortgage, what to do if you have bad credit and need a mortgage, alternatives to a mortgage payment that you could consider 5 simple steps to fixing your creditClick to watch the video now
#1 - When is the right time to get a mortgage. If you are planning on living in a certain location for the next five to six years, then this is a good time to purchase a home. However, if you have just left college and don't know where you will be working for the long term yet, wait and rent until you have some certainty in your life. You have to work with a mortgage broker or loan officer that broker out to many different banks and is doing high volume. If you walk into a bank, they will always want to prequalify you for some type of loan but the bottom line is, that is just one bank. Not all banks are the same.
© Debts- Challenge.com
(Bear in mind that with some banks, there is a strong possibility that you could be looked upon favourably if you had a decent mortgage down payment!) #2 - Is it possible to get a loan with bad credit?
A lot of people really want to know the answer to that question because of being in that situation.
After a survey of asking people if they felt they could get a mortgage with bad Đƌedit, ͚It's tough͛, ǁas the aŶsǁeƌ of those iŶteƌǀieǁed iŶ the ǀideo.
Alƌight, let͛s juŵp iŶto the ŵeat aŶd potatoes oŶ this suďjeĐt. The fiƌst thiŶg I want to do is to give you three different strategies on how to get a mortgage with bad credit. Getting a Mortgage with Bad Credit
1 - Mortgage Broker
You should work with a loan broker or a mortgage officer that is brokering out to many different banks and is doing high volume.
Let͛s talk aďout theWhy.
If you go directly to a bank and you walk into the bank that you normally use, they͛ƌe alǁays goiŶg to want to offer you and pre-qualify you for soŵe type of loaŶ. But the ďottoŵ liŶe is that͛s just oŶe ďaŶk, aŶd Ŷot all ďaŶks aƌe the saŵe. They ǁeƌeŶ͛t all Đƌeated eƋual aŶd they haǀe different rules.
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So, I recommend number one, going to a broker that works with 20, 30, 40, 50 different banks.
Noǁ, they͛ƌe Ŷot goiŶg to ǁoƌk ǁith that ŵaŶy uŶless they͛ƌe a seƌious operation doing high volume.
You ŵay ǁaŶt to ask, hoǁ ŵaŶy huŶdƌeds of ŵillioŶs of dollaƌs͛ ǁoƌth of real estate do you broker out each year?
If they giǀe you a fuŶŶy look like ͞aƌe you Đƌazy that͛s a lot of ǀoluŵe,͟ that͛s Ŷot youƌ loaŶ offiĐeƌ likely that ĐaŶ fiŶd the ƌight optioŶ foƌ you. Because there are banks out there that work with people that do have bad report credit.
(After two or three years of paying that mortgage, which may have a higher interest rate than you want to pay initially, you could always change mortgage companies. By this time, you will have build-up a good credit rating and therefore afford to be more selective in the mortgages you could accept. It’s not an ideal way of getting on the housing ladder but within two years, you will very likely have accumulated collateral as well as improve your credit score.)
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For more information on Mortgage Brokers UK, Europe, Canada and USA, check the following associations. UK - Association of Mortgage Intermediaries (AMI) TheAssociationof Mortgage Intermediaries (AMI) is the tradeassociationthat represents the views and interests ofUK mortgage brokersEurope - EMFSecretary General, Launched in 1967, theEuropeanMortgage Federation is the ...associationsand individualmortgage lendersfrom theEUMember States. CanadaCMBA CMBA providesCanada'sprovincialmortgage broker associationswith a forum to work cooperatively and better share resources and information.
USA - NAMBAssociation of Mortgage Professionals Represents themortgage brokerindustry in theUnited States. Presents the mission and staff, board of directors, member resources, education and certification
2 - Credit Fix
Second thing I want to talk about is, what do you do if you have bad credit to actually get it fixed?
How important do you think credit is?
Well, I mean in this day and age, it feels pretty important.
How long do you think it would take to fix your credit?
8 years? But I believe it would probably take at least, maybe a year.
How do you fix bad credit?
By paying your stuff on time. This strategy really comes down to doing some credit maintenance.
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Credit Maintenance
“oŵetiŵes ǁe͛ǀe got hiĐĐups, soŵetiŵes ǁe͛ƌe late oŶ a payŵeŶt aŶd theŶ all of a suddeŶ ǁe say, ͞I͛ǀe got to get seƌious aďout ƋualifyiŶg foƌ a ŵoƌtgage.͟
EǀeŶ if you͛ƌe usiŶg youƌ Đƌedit to ďuy a lot of ƌeal estate ;puƌĐhases, suĐh as eleĐtƌoŶiĐs, Đaƌs, etĐͿ the ǁay I haǀe iŶ the past, you͛ƌe goiŶg to Ŷeed to do ŵaiŶteŶaŶĐe; so ǁhetheƌ you Đall it ƌepaiƌ oƌ ŵaiŶteŶaŶĐe it͛s good to fiŶd the company out there that you can trust.
This is not one of those things where less is more.
You͛ƌe Ŷot lookiŶg foƌ the Đheapest pƌogƌaŵ.
You͛ƌe lookiŶg foƌ a ĐoŵpaŶy that has ďeeŶ iŶ ďusiŶess foƌ a ƌeally loŶg tiŵe, has worked with thousands of clients and the keyword is 'attorney' (or soliĐitoƌͿ. If aŶ attoƌŶey is iŶǀolǀed it͛s ŵoƌe of a legitiŵate pƌogƌaŵ aŶd ǁhat they͛ƌe doiŶg is they͛ƌe usiŶg a ŶiĐe little stƌategy.
Theƌe͛s a Đouple of stƌategies that I ǁaŶt to shaƌe ǁith you.
The first thingis they͛ƌe goiŶg to Đhallenge the inquiries.
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For example, I remember that one time I was trying to qualify for a mortgage and I found out that my credit had dropped in the last 90 days by 50 points and I was alarmed.
And when I found out why!
It was because that last couple of months I had been shopping at the Gap, at JC PeŶŶey’s, or ǁhereǀer aŶd they kept offeriŶg ŵe that seductiǀe ϭϬ% discouŶt if I’d use the iŶ-store credit card and applied for it.
Well I didŶ’t kŶoǁ that eǀery tiŵe I ǁas gettiŶg that discouŶt to saǀe a feǁ bucks that I was actually putting out an inquiry and that that would temporally drop my credit.
(What an eye opener for lot of people to discover that fact?)
In the meantime, click the following image to see the video on how you can fix any items on your credit report in 5 simple steps >>>
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So, the credit repair company I worked with... they challenged the inquiries. And by law if you send a challenge letter to whatever company did the inquiry, if they doŶ͛t ƌepoƌt ďaĐk ǁithiŶ a shoƌt tiŵefƌaŵe ǁith the ƌespoŶse aŶd whether the inquiry was legitimate or not, then they have to drop it by law because the credit bureau has to report that.
Noǁ, that͛s ƌeally good Ŷeǁs foƌ you ďeĐause ŵost ĐoŵpaŶies aƌe Ŷot set up to take those requests seriously so they just kind of fall by the wayside and I actually saw my 50 point drop go back up 80 points and my credit got stronger, okay?
(If you live outside the USA, you could contact the Credit Advice Bureau in your own countries to confirm if this could be the case for your situation. The one thing is does bring to light is the fact that we never know what is happening to our credit score when we accept one of the store cards! Nearly every store offers one.)
Find a good credit repair company.
But heƌe͛s the thiƌd thiŶg... if you fiŶd a ďƌokeƌ that doesŶ͛t haǀe a ďaŶk that can give you an option and if credit repair is going to take too long for your needs, then your third resort is to do seller financing. #3 Seller Financing(Seller finaĐalled ͚‘eŶt to OǁŶ͛.ͿŶĐiŶg! Also
Seller financing is basically where someone else already has the house that you ǁaŶt aŶd iŶstead of selliŶg it, they͛ƌe aĐtually ǁilliŶg to fiŶaŶĐe you the house.
Noǁ, that͛s ƌeally Ŷeat ďeĐause they͛ƌe Ŷot a ďaŶk aŶd they͛ǀe got diffeƌeŶt criteria. They might ask for a little bit of a different down payment, they might ask for a higher payment.
Seller financing is an amazing strategy for actually walking into the house that you want.
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How do you find these?
What you do is you go through the paper, find the house that you want, typically seller-financed are not presented by realtors. And so, if you have a ͞foƌ sale ďy oǁŶeƌ͟ you ĐaŶ Đall theŵ up aŶd say …
͞Hey, I͛ŵnot in a position to buy your house but would you rent it to me or would you do alease optionand work with me until I can buy it in a couple yeaƌs ďeĐause I͛ŵ doiŶg a Đouple of thiŶgs ǁith ŵy Đƌedit?͟
AŶd theƌe͛s a lot of people out theƌe that aƌe ǁilling to do that and guess what, you͛ǀe just Ŷegotiated youƌself ƌight past the ďaŶk ďy usiŶg the peƌsoŶ that has the ŵoƌtgage, has the ďaŶk, aŶd ďooŵ you͛ƌe ƌight iŶto youƌ house.
Noǁ, heƌe͛s the hiddeŶ stƌategy ǁith this ƌeally gƌeat deal that if you seller fiŶaŶĐe youƌself iŶto a deal, you ǁaŶt to Ŷegotiate it ǁheƌe they͛ll aĐtually put you on title.
BeĐause if you͛ƌe ƌepƌeseŶted oŶ title foƌ at least tǁo yeaƌs theŶ afteƌ tǁo years you can actually refinance onto the house.
Now think about that, you basically back-doored yourself into a super easy pƌogƌaŵ that ŵost ďaŶks ǁill do ďeĐause if they see you͛ǀe ďeeŶ oŶ title foƌ tǁo yeaƌs theŶ they͛ƌe goiŶg to say ǁell ǁhy ǁouldŶ͛t ǁe let theŵ ƌefiŶaŶĐe it. And qualifying for a refinance is way easier than qualifying for a purchase. “o ǁhat͛s the ďig ŵoƌal of the stoƌy?ListeŶ, if you͛ǀe got ďad Đƌedit, you͛ǀe got optioŶs.
You ĐaŶ get iŶto ƌeal estate aŶd you doŶ͛t haǀe to ǁait. If you Ŷeed to ǁait oƌ feel like that would be the best option for you, then just focus on doing some Đƌedit ŵaiŶteŶaŶĐe aŶd soŵe Đƌedit ƌepaiƌs aŶd stiĐk ǁith it. That͛s the key. Real estate done correctly is a long-term play, getting into a home, and having that slice of American dream is really key, so stick with it.
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(Disclaimer: The above was narrated text from the following You Tube video with my own personal points and added contact details for those not living in the United States. Kris Krohn of Reinvestortv has other excellent vidoes on his You Tube channel. I highly recommend that you check them out.)
One comment I particularly liked:
"Great advice, Stay away from those card offer rewards!!!!!! I don't pay attention to those offers anyway!!!!"
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In the meantime, there is a related video on how to legally remove negative items from your credit report in 5 simple steps. Click the image now >>>
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