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Tuesday, August 7, 2007

Three Steps To Finding A Bad Credit Mortgage

So how do you go about it?

1. Find an independent mortgage broker and check that he/she deals in bad credit mortgages. It’s very important that you go to someone like this rather than just going to your bank. The broker can help you avoid getting further rejections, which will make your credit rating WORSE.

2. Be honest. The broker can’t help you if you don’t disclose ALL the relevant information. It may be embarrassing but it’s nothing the broker hasn’t heard before – in fact he/she has probably heard a lot worse stories than yours. Answer all questions fully and honestly. If the broker knows your exact situation, he/she should be able to scour the market to find a bad credit mortgage lender who will accept you. If you conceal information because it doesn’t show you in a good light, you risk further rejection which will certainly not help you.

3. Listen to advice and be realistic. You may find that the type of property you have set your heart on is beyond your means. If the broker points this out to you, don’t storm out in a rage and go somewhere else. If you are having financial problems, the last thing you need is to over-extend yourself even more. A bad credit mortgage is already more expensive than a standard mortgage, and you don’t know if interest rates are going to go up even further. So let the broker help you work out what you can REALLY afford and stick with that.

However bad your situation is, there could be a bad credit mortgage out there for you. But you really do need the broker’s help to find it.

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4 Comments:

Blogger Indira said...

Today’s consumer is now empowered to get the best type of loan for their financial situation because of online Internet access and the many websites that cater to the needs of people with bad credit. With simple online access you can do a search on “bad credit mortgage” and have several sites that can help with your financial situation. A little research and time spent educating yourself can help you get your financial situation back in order.

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