Bad Credit Lenders
Do you still think you can't get a loan with a bad credit history? Worried about home loan lenders going to the wall, and leaving you high and dry? Well think again, I'm going to show you how you can still get a loan with a bad credit history from any one of a number of bad credit lenders.
Despite all the media hype bad credit lenders are still operating, offering home loans are specially tailored for people with a bad credit history.
The changes that have been occurring over the last six months have certainly affected the amount of money available in the market for this type of loan.
However this does not mean that lending has stopped completely.
Quite the contrary, provided you meet the specific lending criteria, you will qualify for a home loan and take advantage of the buyer's market that we now find ourselves in.
The interest rates charged on these loans vary from 1% to 4% above the normal home loan lending rates.
This might seem a lot especially with rates as high as they are but consider this: if you wait until your credit history is clear in say three or four years time, the price of housing would have escalated even more and possibly placing you outside the lending criteria which will be in place by then.
Here are the things you will need to qualify for a loan right now.
oYou will need at least a 15% deposit.
oYou will need to be prepared to pay around $800 in application fees.
oYou will need to have been in steady employment for at least six months.
o You will need to be prepared to buy a property regarded by lenders as being in a prime location.
If you already have a home loan but are falling behind on your repayments, the best advice is to take action early.
By this I mean phone your current lender and explain your circumstances and asked them for some assistance.
If this is unsuccessful you must call an experienced mortgage planner straight away so as to avoid any extra costs that you will incur through waiting.
Need more help or information? There are plenty more tips and tricks you will need to know about so you can avoid being ripped off by unscrupulous lenders.
Despite all the media hype bad credit lenders are still operating, offering home loans are specially tailored for people with a bad credit history.
The changes that have been occurring over the last six months have certainly affected the amount of money available in the market for this type of loan.
However this does not mean that lending has stopped completely.
Quite the contrary, provided you meet the specific lending criteria, you will qualify for a home loan and take advantage of the buyer's market that we now find ourselves in.
The interest rates charged on these loans vary from 1% to 4% above the normal home loan lending rates.
This might seem a lot especially with rates as high as they are but consider this: if you wait until your credit history is clear in say three or four years time, the price of housing would have escalated even more and possibly placing you outside the lending criteria which will be in place by then.
Here are the things you will need to qualify for a loan right now.
oYou will need at least a 15% deposit.
oYou will need to be prepared to pay around $800 in application fees.
oYou will need to have been in steady employment for at least six months.
o You will need to be prepared to buy a property regarded by lenders as being in a prime location.
If you already have a home loan but are falling behind on your repayments, the best advice is to take action early.
By this I mean phone your current lender and explain your circumstances and asked them for some assistance.
If this is unsuccessful you must call an experienced mortgage planner straight away so as to avoid any extra costs that you will incur through waiting.
Need more help or information? There are plenty more tips and tricks you will need to know about so you can avoid being ripped off by unscrupulous lenders.
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