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Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider
from: Carrie ReederSo, youve found the perfect home. Youve already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But waitdo you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?
The credit bureaus handle hundreds of thousands of credit reports, and its only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.
Could an error be lurking on your report?
Heres a simple step-by-step guide to ensure that your credit report reflects exactly what it should.
Step One: Avoid a Bad Credit Report by Requesting a Copy of It
Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.
Step Two: Check the Personal Information
Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you dont think that it matters, youd better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. Whats worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once its found its way onto your report. Avoid all of this, and report any bad information now.
Step Three: The Credit Information
It may be too late, and you may find that there are loans or other items on your report that youve never taken out. In addition, you may find that late payments are on your credit report when youre sure that you made them on time. If you find such erroneous information, then youll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.
Its important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.
To view our recommended sources for bad credit mortgage lenders, visit this
page: Recommended Bad Credit Mortgage Lenders.
About the Author
Carrie Reeder is the owner of ABC Loan Guide, an informational
website about various types of loans.
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Home Mortgage Refinancing Rate News
A Rush Into Refinancing as Mortgage Rates Fall - New York Times
 ABC News | A Rush Into Refinancing as Mortgage Rates Fall New York Times, United States - By one account, the new program would be available only to home buyers, not to people who simply want to refinance their existing loan at a lower rate. ... Lower mortgage rates aren't the answer US Eyes Plan to Lift Home Sales Proposal could drop mortgage rates to 4.5 percent |
US MBA’s Mortgage Applications More Than Doubled Last Week - Bloomberg
 Post Chronicle | US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan jumped 112 percent to 857.7, the highest level since March, ... Mortgage Apps On Rise As Rates Drop UPDATE 1-US mortgage applications post largest gain ever FINANCIAL STOCKS Bulls outlast bears in Wednesday grudge match |
Bernanke Says US Must Step Up Foreclosure Efforts (Update1) - Bloomberg
 ABC News | Bernanke Says US Must Step Up Foreclosure Efforts (Update1) Bloomberg - Estimates show as many as 20 percent of borrowers may now be “under water,” where their mortgage is bigger than the price of their home, Bernanke said. ... The Fed's Potentially Very Bad Policy Op-Ed: Fed Throws Refinancing Party; No One Shows Up Bernanke calls for measures to stem foreclosures |
Cashing in on lower interest rates - Newsday
Cashing in on lower interest rates Newsday, NY - Home loan applications last week doubled despite the shortened workweek, the Mortgage Bankers Association said yesterday. Refinancing last week accounted ... Low rates breathe life into mortgage market |
Lower mortgage rates help but jobs, prices key - Reuters
Lower mortgage rates help but jobs, prices key Reuters - A government plan to sop up hundreds of billions of mortgage securities spurred a bond rally that yanked 30-year home loan rates down half a percentage ... |
Home equity loan avoids fees of refinancing mortgage - ABC15.com (KNXV-TV)
Home equity loan avoids fees of refinancing mortgage ABC15.com (KNXV-TV), AZ - By Jeff Brown Q. I would like to refinance my adjustable-rate mortgage to lock in one of today's low rates. But I don't want to pay a lot of fees for a new ... |
FDIC's Bair warns investors fighting loan changes - The Associated Press
 CEP News | FDIC's Bair warns investors fighting loan changes The Associated Press - "Getting mortgage rates down is ... positive, but it doesn't help people that currently have unaffordable mortgages because it doesn't help them refinance," ... FDIC: Government idea won't help people in need |
Mortgage Refinance Applications Soar As Rates Fall - EasyBourse.com
 Dividend.com | Mortgage Refinance Applications Soar As Rates Fall EasyBourse.com, France - Additionally, the US Treasury Department is considering a plan to revitalize the US home market by reducing mortgage rates for new home loans. ... Mortgage rates fall, but many borrowers will have trouble qualifying US move cuts mortgages to lowest rate since February Last Call for Smart Homeowners |
UPDATE: Builders Soar On Lower Rates, But Pain Persists - CNNMoney.com
UPDATE: Builders Soar On Lower Rates, But Pain Persists CNNMoney.com - As consumers raced to lock in lower rates, applications to refinance existing loans jumped 203.3% last week from the week before, while mortgage ... |
Refinancing a viable option for certain homeowners - Monitor
Refinancing a viable option for certain homeowners Monitor, TX - For the many locals who are still paying off subprime mortgages, refinancing is also likely not an option. But with a 30-year mortgage rate at close to 5.5 ... You can still refinance loans |