Getting a loan is fairly easy. There are hundreds of lending and financing institutions who are willing to offer you the amount of money you need for competitive rates. If you’ve been a responsible credit manager in the past and have an excellent credit profile, getting a loan shouldn’t be a problem. But what about […]
Step-by-Step Guide to Applying for a Subprime Home Loan
If you have to apply for a subprime home loan do not think that you are a “bad risk” or that you are doomed to pay crazy high-interest rates. After the housing crisis and economy downfall, many people have found themselves in need of alternative financing options. Not as many people qualify for the conforming […]
What does the Comeback of Subprime Lending Mean?
The comeback of subprime lending might have you worried. Isn’t that what started the problem in the first place? Are we going to head towards another housing crisis in the near future? It is easy to think this way, but it is safe to say that lenders and investors are much smarter about the non-conventional […]
What is the Required Down Payment for Subprime Loans?
The biggest question whenever someone wants to purchase a home usually has something to do with the down payment. Right after the housing crisis it seemed like every program required 20 percent down, which we all know is highly unlikely for many people. Today, however, the tides have turned as there are many programs available, […]
Qualifying for a Home Loan with Poor Credit History
If you have poor credit history, you do not have to assume that you cannot secure home financing. There are many ways that you can still get the financing you need either right away or in the near future after you make a few changes. While a negative credit history is often a hindrance for […]
Should You Consider a Hard Money Loan?
Hard money loans are asset-based loans in which the only collateral is the property in which the borrower is investing. Common Hard Money Loan Characteristics These private mortgage loans are considered extremely risky for the real estate investor. They are available only through private hard money lenders, rather than through banks or other financial institutions. […]
Securing Real Estate Financing through a Hard Money Lender
One factor that has always appealed to borrowers about hard money loans is the fact that the approval process usually goes much more quickly than it does when applying for traditional mortgage loans. This is because many private lenders don’t bother to check your credit score or income – they are much more interested in […]
How to Dispute and Clear Up Credit Report Problems
Under the Fair Credit Reporting Act, Experian, TransUnion, and Equifax are responsible for correcting any inaccurate or incomplete information in your credit file. However, the process is not exactly fast. You’d think with all the wonderful technology today that the credit bureaus could be a little less like the Social Security Administration or Department of […]
Common Myths Regarding Credit and Home Loans
While it’s true that having bad credit can make it more difficult to obtain a mortgage, it’s absolutely not true that you can’t buy a home with bad credit. If this is the only thing holding you back from buying a home, consider these facts and re-evaluate your stance: Mortgage Products Exist for People with […]
What is a Thin Credit Profile?
Did you know that not everyone needs a credit score to obtain a mortgage? A thin credit profile, as it is called, can still allow you to gain approval for specific loan programs, including the USDA and FHA program, which allows for no or low down payments and very lucrative financing terms. A non-existent or […]