Don't miss this great opportunity to realize the dream of owning your own home. Current economic conditions combine two factors to make NOW the best time to get your own home. There is a soft real estate market, with an over-supply of homes for sale, driving home prices down AND interest rates are still near historical lows.
In today's world, many people have bad credit. You are not alone, and we can direct you to many lenders who are knowledgeable and expert in helping you to find the right home loan.
Here is a great website to apply for a Mortgage loan.
http://www.freddiemac.com/
Lenders look at two important characteristics in evaluating the risk of granting you a home loan. The first is your income which translates into your ability to repay the loan. The second, sometimes more important aspect, is your credit score which translates into your attitude about repaying debt.
There are a few things you should know about the factors influencing your credit score when seeking a home loan:
* The greater the number of outstanding debts, the more it damages your credit score. In anticipation of applying for a loan or mortgage, try to reduce the number of credit cards you have with unpaid balances by transferring them to one card. Pay off the cards that have the smallest balances and then maintain the card without using it, so you can show some positive activity to slightly offset the negative.
* Every time a lender or credit card company checks your credit score with the three required credit bureaus, it actually reduces your credit rating, whether you secure the loan or not.
* Before applying for any home loan, you should request your own credit history. While there is a small fee, your credit score will not suffer because this is not considered as "an enquiry". As a service of ParkAveCredit.com, we provide here for you the link to order your credit report and receive it immediately and securely online: CLICK HERE
* By having your own credit reports, you can provide the results to the lender before starting the home loan process.
* This gives you two tremendous advantages:
o You can secure PRE-APPROVAL for a home loan to a certain amount. Most sellers will not consider buyers without pre-approved credit and you may lose that perfect house at the perfect price without this.
o You eliminate having multiple lenders making an initial enquiry, you can accelerate the process of finding the lender who feels confident that they can secure a loan for you based on your individual credit situation, and you can go to closing of the home purchase faster.
* Immediately before the closing of a home loan, there is always a final credit enquiry done by the lender, but this one-time verification will have little impact on your score.
* Bankruptcy proceedings will seriously damage your ability to secure a loan, but there are lenders who specialize in securing loans under these difficult conditions. See the list of our sponsors who can assist you.
* Please be aware that loans considered as "high-risk" due to low credit scores or bankruptcy can be secured, but the interest rate charged will be higher than those granted to low-risk applicants with better than average credit history.
* ParkAveCredit.com provides you a wide spectrum of lenders who can assist you in getting your loan approved, so don't lose hope, and use these tips to be informed before going forward.
