Bad credit home loans
Bad credit home loans – how to buy a home when you have bad credit
Owning a home is the American dream. It is also the fastest way to establish wealth for yourself and for future generations. If you have bad credit and have been in the situation for a long time, you may be wondering, if you can ever find a place to call home.
The short answer is “yes”, if you know what to do. The home purchasing process is an involved one, even for people with good credit. If you have bad credit, the process gets even more complicated. Not only do you have to worry about having the right paperwork, employment status, insurance, etc – you also have to worry about finding a mortgage lender who can look past your credit history.
A mortgage loan is probably the biggest loan a creditor will ever give you - so it stands to reason that they want to take as little a risk as possible. In short, they want to give mortgage loans to people, that they believe will repay their loans back in full and on time. If you have poor credit (low FICO score), lenders see you as a credit risk and make judgments about your ability to pay your mortgage loan on time every month.
Before you take on the responsibility of buying a home, make sure that you can pay back your mortgage on a monthly basis in full. If you are unsure that you can pay your mortgage on time – you may want to wait for a while to start this process.
If you are roaring to go, here are a few mortgage lenders, who specialize in bad credit home loans.
Pioneer Lenders - This company works with consumers with all types and has a large network of lenders in all 50 states. The application is 1 minute and no credit check is required to match you to a loan. Highly Recommended
The interest rate on your loan will be higher than the interest rate that a person with good credit can secure but this is to be expected. Remember that from the lender’s view point, they are taking a risk and want to be compensated for the risk.
The fact is houses are not getting cheaper and they are not making any more land. Go for it and be diligent about paying your mortgage on time – always.