Bad Credit Mortgage Loans - A Step Toward Fulfilling The American Dream

Well, The American Dream captured the hearts of millions, nay billions, over the years. The concept was so popular, the word “American” was intuitively replaced with “Every Person’s”. Who doesn’t want to live the dream, after all. House, car, comfortable retirement income -- and more. In addition to everything, home ownership remains the central tenet, the most important pillar, of that concept of pride in living.

Prior to 2008, lending policies were much more flexible and it was much easier to obtain a bad credit mortgage loan. Even now, it is possible to obtain bad credit mortgage loans, but the chances are much lower and the terms much more stringent.

Type Brand Type Loan Amount Credit Level Details/Apply             100DayLoans -- Pay Day Loans, Up to $1,500 in One Hour   100Day Loans PayDay Loans, Personal Up to $1,500 All Credit Scores, Good, Bad Credit OK             PayDayMax -- Pay Day Loans, Up to $1,500, Fast Cash, Up to 30% Off Initial Fees   PayDay Max PayDay Loans, Personal Up to $1,500 All Credit Scores, Good, Bad Credit OK             Auto Loans -- One Application, Up to Four (4) Lenders Respond with Loan Offers   myAutoloan Auto Loans See Terms Good Credit Preferred             Prosper-- Peer-to-Peer Loans for a Variety of Needs (Personal, Debt Consolidation Loans, Home Improvement, Autos, Small Business Investment, Wedding Expenses, Major Purchases, etc)   Prosper Variety of Loans See Terms               Discover Credit Card   Discover(R) $0 0% Intro APR* Upto 20%* Cashback when you shop through Discover.com

2008 remains a red-lettered year in the annals of financial markets. The collapse of the housing market and the extreme strain caused on the American Economy wiped out millions of jobs. Add to that off-shoring and a shift in global economic balance, many individuals found themselves out of work with little to no time to prepare for the change.

Unfortunately, the sudden loss of financial security came with a heavy price and many individuals fell back on credit card payments (and other monthly bills), resulting in a nationwide epidemic of “bad credit”. It wasn’t so much that people became dishonest -- people just did not have the money to make minimum payments on their commitments.

As things start to reshape now, many individuals hit by the crisis are trying to re-live their dreams and making attempts to restructure their finances. Unfortunately, with a severe hit on their credit standing, most individuals are facing extreme difficulties when it comes to obtaining credit, loans, or mortgages. While it is true that financial institutions have tightened the belt when it comes to lending policies, there are still options when it comes to bad credit mortgage loans. All is not lost.

Here are some preliminary tips:

Consider bringing in a co-signer. If your spouse or family member has been able to maintain a solid credit standing, this may be one option for you, especially if both of you intend to live in the same house. A co-signer will make it easier for you to obtain a mortgage loan.

Repair your credit. There are some basic steps you can take to improve your credit and minimize the damage caused. The first step in the process, however, is to obtain your credit report and check for errors and discrepancies. Credit reporting agencies are required (by law) to offer you one free credit report every year. You can check with FTC about ways to obtain your free credit report. Once you have downloaded your free credit report (online, yes), go through the report line-by-line and check for errors. Eliminating even basic inaccuracies could cause your credit score to improve.

Find lenders who specialize in working with individuals with bad credit. Though risky, lenders will offer bad credit mortgage loans if other criteria fit their “requirements”. Finding a lender who specializes in bad credit mortgage loans is the first step toward obtaining your mortgage loan.

Do your research. Don’t settle for the first company that offers you a mortgage loan. Do your research and compare options side-by-side. As simple as it sounds, even a one percent difference in rates could save you thousands of dollars every year (stretch that to thirty years -- the duration of your mortgage loan -- and you will save enough to setup a small retirement fund). Not bad.

Be your own advocate. Read the fine print thoroughly, seek legal counsel, read consumer reviews, check with local government agencies -- do everything you can to protect yourself. This is probably the biggest purchase any individual would make during an entire lifetime. You want to get it right.

Downpayment numbers. Lenders will often alter the monthly payment or change their decision based on how much downpayment you are making (it alters their risk).

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