Article by Carrie Reeder

When you have poor credit, your list of lenders that will approve you for a home loan can shrink down very small. You want to make sure that you are doing everything in your power to keep your credit rating as high as you can. Many people will unknowingly hurt their chances of getting approved and make it more difficult for themselves. Here are 3 things you will want to avoid doing if your credit history is already bad.

1. Don’t have your credit pulled over and over by different lenders – Many people will, because of their difficulty in getting approved, apply with many different brokers and have the broker pull their credit over and over. Every time your credit is pulled, your score will drop just a few points. In some situations, it can be enough to disqualify you from the loan. The best way to go is to apply with companies online that will give you a pre-approval without pulling your credit, but instead, ask you what your credit is like.

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Question by Bryan: How do I get approved for a loan to payoff Credit Card debt?
I am 27, newly married, with a 3 month old baby girl. Long story short, I am having a hard time finding approval from banks for a $ 3,500 loan to payoff some credit cards.

Now the long story:
Credit Score: 659
Debt/Income Ratio: 39%
Spouse: Horrible credit and stays home with the baby
GOAL: Remove credit card debt to build/improve credit score

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Article by C York

A mortgage refinance is probably the least costly method to access credit available to someone with a bad credit history. Depending on your home’s assessed value and how much equity you have in it, you can qualify for a cash out refinancing for home improvements or bill consolidation. A bad credit mortgage refinancing may also get you a lower interest rate which will lower your monthly loan payments.

Whatever your reasons for considering a home refinancing, the ability to get a lower interest rate should be among them. Lower rates equate to savings and that’s always a good thing, particularly on such a high priced item as a house.

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Homeowners who think they can not refinance their homes to mortgage due to a low FICO score or bad credit, think again. There are many homeowners, received today in the mortgage implosion caught up. This happened after foreclosure rates climbed and the more lenient loan programs have been eliminated as a result of the increasing foreclosures. These homeowners can in their home mortgage loans with low skills and low FICO scores, and now they can no longer have to get outof them. Some borrowers get into variable rate mortgages, where interest rates further. As the real estate mortgage crisis continues to get credit guidelines continue to firm, increasing the number of homeowners, do not get refinanced at.

http://www.californiarefinance.equitylinesite.com/2009/11/20/low-fico-score-bad-credit-mortgage-refinance-applicants-are-approved-and-ecstatic/

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My fiance and myself are in a frustrating situation, and we’re about at the end of our rope. We live in Minnesota, the metro area, and we’re considering purchasing a home versus renting for reasons I will mention later. We both make $26,000 a year, her credit score is in the low 600′s while my credit score is in the mid 700′s. I have limited rental history (just a year) and she has a deeper rental history, but she also has a foreclosure that is nearly 3 years old now.

With her score and relatively recent foreclosure she is certain she won’t qualify, however with my score I might, but every pre-qualification application and mortgage calculator I use says no lender would approve me for a loan–how can this be? Does it deal more with your income than it does your credit score?

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Will the rate increase if I add him to the mortgage after I have been approved and made a few payments? We make close to the same money and he will be paying at least half of the mortgage loan. I want him to be co-owner of the house even though he has 30K in credit card debt.

With high speed internet access and easy online forms, it is now much easier to get an approval. A good online bad credit mortgage lender can assist you with the entire process online. These bad credit mortgage companies can help you shop and compare many different types of loans for your credit situation.

Sub-prime mortgage companies enable anyone to get an approved loan even if you already have a bankruptcy or foreclosure in your record. But it is important to be aware and be wary of predatory lenders. There have been cases where sub-prime lenders have taken advantage of high risk borrowers by charging them with fees that are too extreme and at times rates that are very unreasonable.

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Refinancing a home mortgage with bad credit is easier than ever thanks to President Obamas housing stimulus plan. This stimulus plan is designed to make it easy for millions of financially struggling homeowners to get a mortgage refinancing approval, even with bad credit. Here is what homeowners with financial problems need to know about getting a home mortgage refinancing with Obamas stimulus plan.

Bad credit mortgage refinancing options exist for millions of homeowners because of Obamas $75 billion housing stimulus plan. This stimulus plan provides cash incentives to mortgage lenders and banks who help struggling homeowners. These cash incentives allow the lenders and banks to approve more people and take less financial risk. Many mortgage lenders and banks are eager to help struggling homeowners or those with bad credit because of these incentives.

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