Locating a Bad Credit Mortgage
If you are looking to purchase a home or refinance the one you are currently living in, but believe this may not be a possibility for you because you have bad credit, think again. Just because you have bad credit does not mean you will not be able to receive a mortgage.
In fact there are many lenders out there across the United States that are know as wholesale lenders that specialize in lending money to people with bad credit. The names of these wholesale lenders may not ring familiar to you because they are not the typical lending institutions you see on the street corners of your town, otherwise know as banks.
The first thing you will need to do is locate a few of these wholesale lenders and shop around for a deal you believe to be fair. If you do not have success finding these lenders on your own, you may want to consider using a broker and have them shop around for you. A broker is not a lender. What they do is assess your situation, than shop around for a lender that deals with bad credit mortgages. Brokers have access to hundreds of lenders across the country and they can usually find one that has a program that may fit your needs. Using a broker may not be such a bad idea, they are usually very experienced in their field and will not only find a bad credit mortgage lender for you, they will also council and educate you along the way.
Keep in mind, just because your credit may be less than perfect, does not mean that you are at the mercy of the mortgage companies, you are not. Mortgage companies are very competitive, especially among the wholesale lenders, so be sure to shop around. Don’t limit yourself to contacting only one broker, say no more than four. Allow for each to assess your situation, than base your consideration of which one you will use on the rate and program that they offer you. Good luck.
Tuesday, October 13, 2009
DEBT CONSOLIDATION
Get Out Of Debt Faster With Debt Stacking
Each month you pay the minimums and although you KNOW you've got a handle on it - you are not charging your credit card or accumulating new debts anymore - it seems that you will be paying the minimum fees forever. Did you know that HOW you pay your debts can affect how soon you will finishing paying them off - even if you keep paying the same amount for debt every month? Of course you might be able to get a consolidation loan, but if you're not eligible or are not interested then there are several other things you can do.
It's not always the easiest to figure out the mathematics, but there are three steps to quicker debt relief - guaranteed.
STEP ONE - Create a list. List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes). Plan to pay the minimums on all debts with these goals in mind:
STEP TWO - Small bills first. They may not be the highest interest, but every bill that you are paying some interest on means you are usually only paying minimal amounts on the principal. Multiple debts are also a sure way to bring your spirits down. Paying off small debts first is a quick way to start checking them off - and freeing your mind.
STEP THREE - Move the payments along. When one debt is paid add the funds to the next debt. For example, say you're making $75 payments to a small debt. When the debt is cleared add the $75 to the next debt on your list. If the next debt had a minimum payment of $100, you will now pay $175 until it is paid off. When that one is finished, take the $175 and add it to the next payment and so on.
STEP FOUR - Save the cash! Don't forget that when your debts are cleared you have set yourself up for a better financial future. The best way to take advantage of your new situation is to use all the money you were spending on debts and start investing or saving it every month.
With this strategy your debts will clear faster meaning you will pay less interest, you will see progress as you clear small debts first, and you will not be tempted to use the funds for personal use instead of debt repayment. It is a worthwhile goal to get out of debt. Seeing that goal come sooner and teaching yourself discipline sets you up for a brighter financial future. You OWE yourself that!
Each month you pay the minimums and although you KNOW you've got a handle on it - you are not charging your credit card or accumulating new debts anymore - it seems that you will be paying the minimum fees forever. Did you know that HOW you pay your debts can affect how soon you will finishing paying them off - even if you keep paying the same amount for debt every month? Of course you might be able to get a consolidation loan, but if you're not eligible or are not interested then there are several other things you can do.
It's not always the easiest to figure out the mathematics, but there are three steps to quicker debt relief - guaranteed.
STEP ONE - Create a list. List your smallest debts first followed by your largest high-interest debts (credit card) and then your largest low-interest debts (Lines of credit and taxes). Plan to pay the minimums on all debts with these goals in mind:
STEP TWO - Small bills first. They may not be the highest interest, but every bill that you are paying some interest on means you are usually only paying minimal amounts on the principal. Multiple debts are also a sure way to bring your spirits down. Paying off small debts first is a quick way to start checking them off - and freeing your mind.
STEP THREE - Move the payments along. When one debt is paid add the funds to the next debt. For example, say you're making $75 payments to a small debt. When the debt is cleared add the $75 to the next debt on your list. If the next debt had a minimum payment of $100, you will now pay $175 until it is paid off. When that one is finished, take the $175 and add it to the next payment and so on.
STEP FOUR - Save the cash! Don't forget that when your debts are cleared you have set yourself up for a better financial future. The best way to take advantage of your new situation is to use all the money you were spending on debts and start investing or saving it every month.
With this strategy your debts will clear faster meaning you will pay less interest, you will see progress as you clear small debts first, and you will not be tempted to use the funds for personal use instead of debt repayment. It is a worthwhile goal to get out of debt. Seeing that goal come sooner and teaching yourself discipline sets you up for a brighter financial future. You OWE yourself that!
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