Q. I am a mortgage Loan officer and its my 1st time putting up an ad in a small local paper. I need any ideas that work with getting customers. I was told not to put the words "bad credit" because people with crappy credit will then come to me. although we do 540+ credit scores. Anyways, any ideas or sugesstions that you guys might have to help me out on this one? Just trying to pick up some more clients than i already have.
A. just make sure it says something like "we will work with you one on one to find the best option to fit your needs" or something along those lines. something to help the customer feel like they will a priority, not just another commision.
way to get a mortgage loan even with bad credit?
Q. Hi , my home is sold and I am looking at a condo, I have half of the money for the condo but will need another half through a mortgage loan.I was wondering if there is any way at all to obtain a mortgage loan with bad credit,
Is there any way possible to do this
Is there any way possible to do this
A. Many mortgage companies are reluctant to finance people with bad credit or no money to put down. A bad credit mortgage lender helps people who have bad credit score, low income, etc.
A bad credit mortgage lender helps you get your loan approved much faster than programs offered by credit unions and banks. But you have to pay the price to get a bad credit loan. The loan you get will carry a higher rate of interest and will have higher closing fees.
It is advisable to check the rates with a few more bad credit lenders and compare. Even though you have to pay a higher rate, see that the one you settle at is reasonable and the most favorable. At present interest rates are low so try and get the best deal.
You can always wait a while, improve your credit score and then get a loan at a low rate of interest. Some bad credit mortgage loans carry a prepayment penalty, so make sure your loan doesn't have one. These bad credit mortgage loans have 6 months to 2-3 years prepayment penalty. This means you have to pay huge sums of interest for at least 6 months before you can pay off the loan. If there is a prepayment penalty you should take the loan that has the shortest term so that you can pay off the loan quickly without paying any penalty.
To compare loan offers complete our short form above. Mortgage Loan helps you find the best bad credit refinance loans, bad credit home equity loans, bad credit home purchase loans and bad credit debt consolidation loans.
A bad credit mortgage lender helps you get your loan approved much faster than programs offered by credit unions and banks. But you have to pay the price to get a bad credit loan. The loan you get will carry a higher rate of interest and will have higher closing fees.
It is advisable to check the rates with a few more bad credit lenders and compare. Even though you have to pay a higher rate, see that the one you settle at is reasonable and the most favorable. At present interest rates are low so try and get the best deal.
You can always wait a while, improve your credit score and then get a loan at a low rate of interest. Some bad credit mortgage loans carry a prepayment penalty, so make sure your loan doesn't have one. These bad credit mortgage loans have 6 months to 2-3 years prepayment penalty. This means you have to pay huge sums of interest for at least 6 months before you can pay off the loan. If there is a prepayment penalty you should take the loan that has the shortest term so that you can pay off the loan quickly without paying any penalty.
To compare loan offers complete our short form above. Mortgage Loan helps you find the best bad credit refinance loans, bad credit home equity loans, bad credit home purchase loans and bad credit debt consolidation loans.
is there anywhere i can get a home equity loan with bad credit?
Q. my boyfriend and i have bad credit but we own a $85,000 home with no mortgage. the house is paid for. we were looking into getting a home equity loan to pay some back bills off and do home improvements. is there anywhere that we could get a loan even with bad credit?
A. Then why do you want to put the house at risk by using it as an ATM machine?
You DO NOT save any money paying off bills with the house...all you do is take unsecured debt and turn it into secured debt.
Having a free and clear home is one of the most important assets a person can have.
Please work an extra job or something to save up money for what you want to spend money on. I would highly, highly recommend that you not go that route, especially when you aren't even married...b/c marriage gives you LEGAL protections that you simply do not have, when you are living together.
You DO NOT save any money paying off bills with the house...all you do is take unsecured debt and turn it into secured debt.
Having a free and clear home is one of the most important assets a person can have.
Please work an extra job or something to save up money for what you want to spend money on. I would highly, highly recommend that you not go that route, especially when you aren't even married...b/c marriage gives you LEGAL protections that you simply do not have, when you are living together.
How do I write a letter to a mortgage loan company explaining bad credit and late payments?
Q. I am trying to apply for a mortgage loan to get a house. I just got out of the military and was deployed for 3 of the 4 years and sometimes I didn't pay bills. How do I explain that. I have already started to pay bills off and fix my credit.
A. I don't know if it will help to give them reasons you didn't always pay. If you think it will help explain that you couldn't get your mail out due to being in a war. If you didn't have a support system at home like parents that could handle your accounts while you were deployed explain why.
You may have to wait to buy a home until you have good credit and are out of debt.
You may have to wait to buy a home until you have good credit and are out of debt.
Who has done a modification loan before?
Q. I have an 8.65% adjustable mortgage loan. I have bad credit, but a lady from a mortgage company said that they can help me work with my bank to modify my loan. She is not asking for money down until she fixes it. I am also two months behind on my mortgage, she said that she thinks she can help me. Should I try this, and how good is this?
she also told me that I don't have to get good credit for this modifaction.
she also told me that I don't have to get good credit for this modifaction.
A. The answer is yes, try the loan modification. Don't worry about your credit... that shouldn't drastically effect a qualification for a loan mod. But the people who modify loans can do anything from dropping your interest rate, to dropping what you owe, all the way to even eliminating your second mortgage. It most certainly wouldn't hurt to at least check out. Just make sure you trust the people who are looking to modify the loan for you. I hope this has helped, and hopefully this can get you back on track financially.
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