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Poor Credit Homeowner Loan

Updated on January 6, 2011

Poor Credit Homeowner Loan Really

Owning a new home on your wish list or maybe you just need a loan to fix up your current home? It’s gotten much easier to obtain a poor credit homeowner loan than it has been in recent years.

When I was a child my family moved around from apartment to apartment paying rent that could’ve been saved then applied as a down payment towards a home. The rents ranged from six hundred to about eight fifty per month but having bad credit it’s a wonder they could afford any rent at all. They finally purchased a home but found themselves in need of a poor credit homeowner loan soon after, it was very hard to get at that time.

Today many families have found a way to obtain a poor credit homeowner loan that’s affordable, the trick is to know what you’re looking for in a poor credit homeowner loan before you accept any bank or private lenders terms or conditions by signing. Poor credit homeowner loans means you already have a home but in most cases are putting it up for collateral on your loans, you don’t want to lose your home and many banks will be so quick as to take them.

Five things to do first in obtaining a loan

 

Five Things to Do When Obtaining a Poor Credit Homeowner Loan

1.    First you want to watch out for those interest rates they can be tricky, if you don’t read all the fine prints in the paperwork, are not too skilled at math you should have someone with experience to look over the information and conditions to avoid future problems. Remember that you already have poor credit but obtaining a poor credit homeowner loan should benefit you by allowing you to rebuild your credit score, not put you further in debt.

2.    Don’t go with the first Financial Institution to offer you a loan just because you think no other banks or lenders will. Shop around just as if you were shopping for a gift, would you purchase the first car you saw on a lot if there’s a chance you could find it cheaper?

3.    Know exactly the type of new home you want to own, maybe you want a building but either way knowing what you want means estimating the price. Try not to borrow more than the amount you actually need unless it’s absolutely necessary. It may be tempting when the banks or lenders offer you more money than you originally requested but they have their reasons, which as you know are to try to keep you in debt for as long as possible even if the people you deal with are nice, smooth talking individuals. Have you ever made a grocery store list but as soon as you got into the store you started picking up things that weren’t on the list just to end up going overboard at the cash register, then embarrassingly having to put a few items back?

4.    Do your research on the area in which you plan to move your family. Every neighborhood that’s clean and quiet in the day isn’t always that way at night.  Trust me, you do not want to move in and the neighborhood of choice quickly becomes your nightmare. If you have children you’ll also want to get information on the schools in the area, you want them to have the best education so educate yourself before placing them somewhere they might not be happy. But if you’re planning to stay in your current home and fix it up, get exact quotes for the type of work you need done.

5.    Be sure to keep up with the payments when they start, banks and lenders would be happy for you to default on a loan payment because they do nothing but gain from this. Timely payments looks good on your credit record and you can find it easy to obtain credit in the future for other types of loans or purchases.

Loans Defined In my own terms

 

Poor credit homeowner loan defined in my own terms means you’ve already messed up your credit, why make it worse? Banks and lenders have no patience, they will say they’re trying to work with you but they’re all against you. If banks or lenders weren’t against you or out to make money from your ordeal then why would they charge you interest rates? Make smart decisions, if there is ever something you don’t understand presented to you from either banks or private lenders please have someone look over them to avoid you and your family being out on the streets in the future. It’s a tough world out here and will probably only get tougher.

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    • Astride Knighted profile image

      Astride Knighted 

      7 years ago

      Good information about poor credit homeowner loan. With these tough economic times it's good to know this type of information.

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