You've got a great eye for a house, and also for a bargain. And you've found the perfect combination of both. What you don't have, and could really use to close the deal, is a good credit rating. You've gone without success from bank to bank in search of the one willing to see that you get the keys to the home of your dreams. Is there any way to get the loan you need before someone else snatches that dream away?
Yes, if you are willing to agree to a bad credit home loan. Home loans are now available to many people for whom they would have been out of the question just a few years ago. You'd be in much better shape to bargain for better interest rates if you had a more impressive credit history, but if the house you want is the deal you believe it to be, a bad credit home loan can still work to your advantage.
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Keeping It Real
The bad credit home loan lender is looking at you as a bad credit risk. No surprises there, but the lender doesn't want any surprises down the road either. So the lender is going to make sure the property you want is worth the money you are borrowing, just in case you default. This means that the lender will very probably have the property appraised.
If you want to improve your chances of landing a bad credit home loan, scrape together as much cash as you possibly can for a down payment. That way you'll have to borrow less; you may even find that you are only permitted to finance a limited percentage of the home's appraised value. In that instance, a down payment for the rest is a necessity.
Be prepared for sticker shock when you learn what the interest rate on your bad credit home loan will be. And keep in mind that the interest is tied to the prime lending rate, which can go up or down as the Federal Reserve sees fit. While you may like the idea of your bad credit home loan interest rate going down, you have to be prepared for bigger monthly payments should it do the opposite. Part of your research into a bad credit home loan should be on the interest rates and down payment requirements of each lender.
Getting The Best Terms
Your best bet in assuming a bad credit home loan is to pay as much cash up front as possible, and see if by doing so you can negotiate a lower interest rate. You'll save enough money over the term of the loan to compensate for the sacrifices you had to make in handing over the down payment.
The bad credit home loan can be a win-win proposition for both lenders and borrowers; the lenders, thanks to the higher interest rates, get bigger returns on the money loaned, and the borrowers get a homes in which to build equity, and chances to restore their credit records so that the first bad credit home loans they take will also be the last!
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