Organized Financially - Your Own Home Faster With Bad Credit

Image by Getty Images via @daylifeDefaults, 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:
oYou wish to live closer to your family and friends;
oYou wish to live closer to your work, school and social activities;
oYou wish to achieve the greater freedom and independence that comes with home ownership; and/or
oYou 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:
oDo I have money for a deposit?
oCan I easily get out of my current rental lease?
oWhere do I want to live?
oWhat 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!
Julian Thornton is a Melbourne-based mortgage specialist who owns and operates the highly successful Designer Mortgage Solutions Pty Ltd. Although specializing in the field of bad credit mortgages and financial coaching, Julian can help anybody into their own home and prepare them for financial success. Julian can be contacted by email at julian