Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage LoanWritten by Carrie Reeder
Do you have bad credit that you worry will stop you from being able to apply for a home mortgage loan? Have you given up on dream of being a home owner? Well don’t. Take comfort in fact that there are special home mortgage loans that you can apply for, that will make sure your dreams of becoming a home owner are fulfilled!Home Loans Are Flexible - The first thing you need to keep-in-mind is that home loan mortgages are very flexible – they can be adjusted to meet needs of any borrower. So, if you have a bad credit history, but circumstances have changed in your life and now you are looking to become a home owner then all you need to do is to find a lender who is willing to lend. First Look at Companies That Specialize in Bad Credit Mortgages - Bad credit mortgage lenders or otherwise called, subprime lenders, are always best place to look first. Bad credit mortgage companies specialize in lending to people with less than perfect credit to very bad credit, even if they are first-time buyers. The may charge you extra over life of home loan mortgage than would have otherwise been case had you not had bad credit history, but that’s why they’re in business! Look Online – Check Internet - The Internet is wonder of modern age and with it comes all sorts of answers to previously unanswerable questions. In case of Internet, many companies are advertising that they are willing to lend to first-time buyers who have a bad credit history. All you need do is look for them.
| | Mortgage Loan Information - Know The Basics When You Refinance or Purchase a HomeWritten by Carrie Reeder
If you are currently looking for a new home, chances are that in all excitement you won’t really give any thought to type of home loan mortgage you take out, instead going with first one offered to you. This could be a serious mistake – costing you thousands, if not tens of thousands. Make sure you know all about different types of home mortgage loans before you starting looking for that new dream home!Here are some of basic types of mortgage loans: Fixed-rate home loan mortgage - As name suggests, this is a plain-vanilla home loan. Basically you borrow a certain amount over a certain period at a fixed rate of interest. You then pay same monthly installments for life of home loan. The benefit of a fixed-rate home loan is that you can easily budget for repayments. The downfall of a fixed-rate home loan is that you could end up paying a higher rate of interest than everyone else – no one knows what interest rates will be in 15-20 years time! Adjustable-rate home loan mortgage - Mirroring fixed-rate mortgage is adjustable-rate mortgage. Again, you borrow a certain amount over a certain period, however in this case interest rate is not fixed, but is adjustable (or ‘floating’ as you may also hear it called). The upside to adjustable-rate home loans is that interest rate at start of loan period can be lower than fixed rate would be. The downside is that it is difficult to budget for, as amount can change, and you are at mercy of something outside of your control – interest rate fluctuations, which can change quickly.
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