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Own Home Faster With Bad Credit
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Bad Credit Home Mortgage
If you've been abusing your credit cards like many Americans there's a decent chance that you've already accumulated enough credit card debt to last you until retirement age. On the other hand, it may be time to bit the bullet and to say enough is enough and do something about it before you find yourself having to go through a bankruptcy.
The good first step is to take charge of your fi... Read mortgage refinance article
Mortgage Refinancing - Lock Your Mortgage Loan
Locking in your loan is the process where your loan originator guarantees your rate and any points you have agreed to pay. "Locking" is a deceptive term; what you think you're getting isn't actually what you were qualified for. Here are several tips regarding rate locks to help you avoid overpaying when mortgage refinancing.
Your loan originator is the retail mortgage company that provi... Read mortgage refinance article
Own Home Faster With Bad Credit
Defaults, repossessions, judgements, bankruptcy...forget everything the media, the big banks and the majority of mortgage brokers have ever told you about these financial issues and mortgages! I guarantee what you have heard is negative, and enough to drive a person with bad credit to "Despondency Central"! The great news is that it's all wrong! Completely false! There is hope for the financially wounded in Australia, and yes, contrary to popular belief, they can own their own home. All it takes is some preparation, but it isn't as hard as people make it out to be.
It's Best to Purchase Sooner Rather than Later
In most cities in Australia, perhaps with the exception of Sydney where the property market is a little flat, property prices are on the up. All in all, it's a good time to buy - to get in before the prices get any higher, or to take advantage of stagnant property prices. Given the current situation, the time to start preparing for mortgage readiness is now. Forget the issue of bad credit. I've already told you home ownership is possible if you have money problems.
Come on...I know you want to Purchase your own Home
I've spoken to many people with bad credit, and although they have written themselves off when it comes to buying their own home (thanks to the negative lies of the big banks and most mortgage brokers), deep down they want to own their own home. We all have our reasons for wanting to purchase our own home. If you can relate to any of the following, then it's time to start pursuing the home ownership reality for yourself:
- You wish to live closer to your family and friends;
- You wish to live closer to your work, school and social activities; - You wish to achieve the greater freedom and independence that comes with home ownership; and/or - You wish to increase your self esteem and sense of security.
Getting your Reality Check
Buying a home is no cheap feat. In fact, it can be expensive. I can say without a doubt that buying a home will represent the most significant purchase of your life. Once you decide to pursue home ownership for yourself, you need to ask yourself a number of key questions:
- Do I have money for a deposit?
- Can I easily get out of my current rental lease?
- Where do I want to live?
- What can I afford?
Be realistic! It's easy to get swept away in the excitement of home ownership, however if you get real about things, you're setting a good foundation for yourself.
Get Organised Financially
Sometimes it takes some preparation to get mortgage ready, and chances are if you are struggling with bad credit issues, a good specialist in bad credit mortgages will have to work with you to prepare you for home ownership. A mortgage is a big responsibility, but with professional help, you'll be able to handle it well, and set yourself up for a financially secure future. That's because bad credit mortgage specialists work with you to examine your current credit situation, clear up any debts and settle you into a saving routine, so you will be in the best financial position for mortgage success.
Get Pre-Approved
After working with a bad credit specialist to get your financial house in order, it's time to determine how much you can afford to borrow. Experienced bad credit mortgage expert know what our clients can and cannot afford, and they find clients the best loan to suit their situation. Such specialists will work with you and explain the options and detail exactly how much of a deposit you will need (whether you require a 5% or 10% deposit or no deposit), and what you will be paying once you secure your mortgage. Once your specialist broker obtains pre-approval from a lender, you can then confidently look for the property you want to buy, knowing that you have the finance all approved.
Do Business with Reputable Real Estate Agents
So many people have had their house hunting experience ruined by a less-than-credible real estate agent. I recommend that you search for properties listed by credible agents, so you can be assured of a pleasant home buying experience.
Get Mortgage Ready Now!
You've read this article, so you have reason to ignore the negative messages regarding bad credit and home ownership. You can own your own home with bad credit! Take your first step towards owning your own home and getting financially secure by getting in touch with a reputable bad credit mortgage expert today!
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Mortgage Refinancing - Save Thousands in Mortgage Interest
If you have a mortgage and are not familiar with YSP, you've already paid thousands of dollars in unnecessary interest for that loan. Refinance your existing mortgage and you'll overpay thousands again. What is YSP? Read on to learn about the mortgage industry's dirty little secret and what you can do to avoid overpaying when mortgage refinancing.
Mortgage refinancing has the potential to save you money when done correctly. Mortgage lenders are not in business to save you money; the more you overpay the better. In fact, the Housing and Urban Development Secretary recently commented that homeowners overpay sixteen billion dollars every year in unnecessary mortgage interest and fees. If you've never heard the term "Yield Spread Premium," or YSP, the Housing Secretary is talking about you!
What is Yield Spread Premium? It is simply the retail markup your mortgage company or broker adds to your interest rate without telling you. They are required to disclose this markup; however, they have clever ways of disguising it on the HUD-1 statement and Good Faith Estimate. If you don't know what you're looking for, you'll probably never recognize the Yield Spread Premium you're paying. Why do mortgage companies and brokers lie about your interest rate?
Deception is the nature of the mortgage business. Just like used car salesman, mortgage companies rely on your lack of knowledge when it comes to mortgage loans to boost their profits. Mortgages are like cars more than you know; there is a wholesale and a retail market and loans get more expensive as they move from the wholesaler to you. How does it work? When you qualify for a mortgage the wholesale lender sets your interest rate. Your mortgage company or broker gives you a written guarantee of the interest rate; however, the interest rate you get from your mortgage company is not the one the wholesale lender qualified you for.
Your mortgage company inflates the interest rate because the wholesale lender pays them a bonus for overcharging you. That's right, for every .25% the mortgage company dupes you into overpaying; the wholesale lender pays them 1% of your loan amount. You're already paying (and possibly overpaying) origination fees to the mortgage company for their services. Just like a greedy used car salesman, the mortgage companies see you with dollar signs in their eyes. These companies want nothing more than to boost their revenues at your expense. Here's an example of retail markup at work.
Suppose you qualify for a $300,000 mortgage at 6.75% for thirty years. Your mortgage broker swears you are getting a fabulous deal, one they've never seen in all their years of experience. What the mortgage company isn't telling you is the wholesale interest rate you qualified for was 6.0%. They've marked it up .75% and will receive a whopping $9,000 bonus for lying to you! This is in addition to the $4,500 you paid for the privilege of their services in origination fees. The extra .75% amounts to thousands of dollars in unnecessary interest in the first year alone! How can you avoid paying this unnecessary, unethical markup of your mortgage interest rate? Learn how to recognize retail markup and you can avoid overpaying for your next mortgage loan.
You can learn more about avoiding Yield Spread Premium and other costly mortgage mistakes by registering for a free mortgage refinancing tutorial.
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