December 07, 2001
By: Bev Dodd
Home loan bad credit: Easy terms, pleasant results
The pre-qualification process begins before you discuss the amount you are going to need to borrow for your home loan bad credit loan. Sometimes you can get a lower rate than quoted at the time of your application for a home loan bad credit loan, if you ask if it can be changed up until closing time. We'll discuss this more below.
Pre-qualification occurs before the home loan bad credit process actually begins, and is usually the first step after initial contact is made. The lender gathers information about the income and debts of the borrower and makes a financial determination about how much house the borrower may be able to afford. Different home loan bad credit programs may lead to different values, depending on whether you are qualified for them, so be sure to get a pre-qualification for each type of program you are suited for.
In most cases, the terms you are quoted when you shop among lenders for a home loan bad credit, represent the terms available at the time of the quote. Therefore, you should not rely on the terms quoted to you when shopping for a loan unless a lender is willing to offer a lock-in. You might be able to get it a little cheaper at the time of closing.
To protect yourself from a bad credit score, pay down high balances on credit cards and open new credit accounts only if or when you need them. You might want to obtain copies of your credit report from all three major credit bureaus before you apply for a home loan. Each one may have different information about you, and may contain a mistake. If there is an error, make sure the credit report gets corrected before you apply for a home loan bad credit loan.
more information on related products and services, please choose from the following menu of items:
Auto loans | Bad credit approval | Debt consolidation | Home buyers | Personal loan online | Refinancing
Bev Dodd is a successful author and publisher of http://www.family-refinance-consolidation-loans.com.
Many have commented that her website offers the best recommendations, links and information on loans, mortgages and financing.