In this article we are going to take a quick look at bad credit mortgage lenders, and whether or not you should place your home, trust and potential future financial security in their hands. First, let's look at some definitions:
Are YOU a High Risk Borrower?
If your credit is FAR beneath the national average (in the mid to high 600's) you are most likely not going to qualify for what is called "A" grade paper. Often, you may not even qualify for B either. Essentially, a bad credit lender steps in and fills the gap between the mainstream lenders and outright private speculators. You should expect to pay higher points, interest, and have a much lower loan to value approval ratio than your prime credit counterparts.
Look, let's be honest. If you are in a bind, this is not a terrible path to pursue. Often you can get a short term loan at a higher interest rate, and unfavorable terms simply to avert a foreclosure, bankruptcy or any other unpleasant consequence. But if you have some choice in the matter, it is ALWAYS better to wait a little bit and fix your credit BEFORE facing such a dire set of circumstances. Often, your ability to secure better financing may be the difference of simple antiquated items on your credit report that can be fixed fast...saving you the unfavorable outcome of a long term obligation at an unpleasant interest rate.
Remember, you have the right to challenge anything on your credit report that you want. If you feel there are items on your report that are hurting your finances, freedom and overall state of well being, simply go over these items with a fine tooth comb and find the inaccuracies that undoubtedly are there. The United States Congress and the FCRA gives you this right - and it is one of the most powerful ones you've got, so use it well!
And Remember......Credit Repair is NOT difficult. Living with Bad Credit though.....CERTAINLY IS :-)
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