Bankruptcy And Bad Credit Issues No Longer Means No Mortgage

Bankruptcy (Photo credit: phil dokas)In the past, traditional mortgage lenders have automatically rejected people who had declared personal bankruptcy. Many potential home-buyers felt they must wait at least seven to 10 years after a bankruptcy to be eligible to become homeowners. This is a common misconception.
While some people declaring bankruptcy have had trouble managing their money, a large number of those declaring have simply experienced unfortunate events. Australians are filing bankruptcy at record-high levels over the last five years. The rise in petrol price and the recent increase in interest rates won't help either.
There are some ominous signs out there...
Though a bankruptcy is certainly a blemish on a credit report, it does not necessarily disqualify a borrower. Recognising that sometimes bad things happen to good people, some select loan officers are becoming more willing to take a calculated risk.
Some lenders use a securing system to determine whether potential buyers are a worthwhile risk. Unfortunately, bankruptcy gives a low rating. However, select lenders are beginning to look beyond the rating and look at the individuals in need.
Instead of waiting two or four years after being discharged from bankruptcy, some mortgage professionals are willing to give a home loan much sooner. Those who have declared bankruptcy liquidation may be eligible for a loan one year after discharge, and those who are in a Part IX debt agreement could also be able to get a mortgage.
Another common misconception is that a previous bankruptcy on your credit report will require you to have a large down payment and pay extremely high interest rates. There are currently programs available with as little as 5 percent down with very attractive rates.
Some lenders are even prequalifying buyers for a loan, saving time and making the home-buying experience easier and more efficient. When a buyer prequalifies they will have the advantage of greater negotiating power.
No matter what the situation, select mortgage professionals have a program that will work for the buyer with a bankruptcy history. If a buyer cannot get approved, there are customized plans that can re-establish credit to help the buyer become mortgage-ready, ensuring home-ownership in the future.
Because of new options, bankruptcy no longer needs to stand in the way of getting a home loan. With the help of more creative lenders, those who have experienced financial difficulty will have an easier time getting a mortgage.
To your ongoing financial success,
Julian Thornton
Julian Thornton is the bad credit and mortgage reduction expert with a special interest in improving financial literacy and financial independence for the average person on the street. He is the founding president of The International Family Financial Literacy Association.

What to Do if You Have Bad Credit and the Banks Say No

Image by Getty Images via @daylifeYou're all excited at the prospect of getting your home loan, and the broker submits the loan application on your behalf. You are waiting for the application to be processed, with great anticipation. Finally the phone call comes, and your heart sinks. Rejected!
It happens all the time to many people, however if you have bad credit and you're dealing with banks, you're going to get rejection - if the banks don't run away from you - and it's going to hurt. The really good news though is that there is hope for a mortgage with bad credit - it's just not in the banks.
Before we go any further though, it's essential to determine if you have bad credit.
Do I Have Bad Credit?
If you have bad credit, chances are you'll already be aware of it, however, sometimes there may be a forgotten outstanding bill that presents itself as a default on your credit file. If you have any of the following on your credit file, you are considered to be suffering from bad credit:
oPersonal bankruptcies;
oArrears on mortgages;
oRepossessed houses;
oWrits;
oJudgements; and
oDefaults.
You can confirm if you have bad credit by obtaining a copy of your credit file by contacting Baycorp Advantage. Visit http://www.mycreditfile.com.au for more information. The great news is bad credit is not the end - even if the banks say it is!
The Bank Said No - What do I do?
It can be incredibly disappointing to have a loan application rejected from a bank. After all, your hopes and dreams of owning your own home have been pinned on that one loan approval. If the banks say no, here are our tips as to what you should do next:
oDon't give up: Any sort of rejection can be completely devastating for the person rejected, however if you find yourself in the situation where the bank has rejected your loan application, don't give up! It's okay to be upset - but only for a very, very short time! That's because there are other options out there - plenty as a matter of fact! Just because the banks won't help you doesn't mean another lender won't. The lender that is right for you is still patiently waiting for your loan application, so stop feeling depressed and take action - now!
oFind a Bad Credit Mortgage Expert: Unlike the banks and the majority of mortgage brokers, reputable bad credit mortgage experts will eagerly welcome you into their office and enthusiastically ask, "How can we help you get the right loan for your situation?" They won't run away and they will be able to help you. Help is at hand regardless of whether you are mortgage ready or not. Bad credit mortgage experts worth their salt aren't just committed to your mortgage success - they're committed to your long-term financial success. That means they will work with you to tailor a financial plan to suit your needs, which means you'll walk out of their doors with a loan you can afford and a clear path to financial success. You have to make sure you follow their instructions though - good experts will guarantee you'll succeed if you do!
Where to Get Help
After reading this article, the answer to this question will be blindingly obvious. To secure a loan for your bad credit situation, find a reputable bad credit mortgage expert to work with. These specialists are ready to work with you, so you can obtain the loan that's right for you and walk a clear plan to your financially successful future. Don't be depressed about that bank loan rejection any longer. It's time to do something about it - now!
www.bad-credit-loan-expert.com
© Julian Thornton, Designer Mortgage Solutions Pty Ltd, 2006.
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of

How to Get a Home Loan if You've Been Bankrupted

Image by Getty Images via @daylifeOkay, so you've heard the dreaded 'B' word or maybe you're living it now? Chances are you have heard all of the talk about bankruptcy and finance, and you probably believe that if you are or have been bankrupted, you have no hope on earth of getting a mortgage, let alone any finance at all. You can be forgiven for believing this, because many mortgage brokers will run the other way if you approach them saying, "Help me get a loan, I am/have been bankrupt!" The good news is that if you have been bankrupted - even if you are currently bankrupt right now - you can get a home loan!
I can get a Home Loan? Yeah Right!!
It's absolutely true, and this article shows you how. Actually, I'll give you a short summary as to the current situation right now in Australia regarding mortgage brokers and our major lenders. Mortgage broking is a cut throat business. It's competitive and there are fees and commissions to be made to those that secure the deal. That's why you'll see mortgage guys and girls driving all over the city - even the country - meeting with prospective home buyers to make the sale! It can be quick and easy money, but only if the home loan applicant has a clean bill of credit health. If you don't fit this description, you're simply "too hard" to deal with. That's right - it all comes down to you being too difficult to secure finance for. Most mortgage brokers are in for the quick sale and there are plenty to be had, so that's why they don't help people with bad credit. Don't take it personally! As for lenders, it's pretty much the same. Conforming lenders like the big banks only really want to deal with the easy clients who pose little risk.
Now for the really great news! You can get a home loan - even if you are an undischarged bankrupt - if you work with a reputable bad credit mortgage expert. Specialists in this field deal with so many bad credit clients each day, and they get their clients mortgages each day! This is because reputable specialists in bad credit finance know who to talk to and which lenders want to help these guys.
In short, we can help you if you are mortgage ready or not quite ready. Here's how:
oIf you're mortgage ready: First of all a decent bad credit mortgage expert will chat with you to determine your financial position. They will ask you the questions they need to ask to discover if your 'financial house' is in order. In other words, they want to find out if you have enough control of your finances to be mortgage ready. If you are, the specialist will start talking to the lenders who can help you, and they negotiate the best mortgage (with a reasonable rate that won't kill you) for your specific situation. You could be in your own home within 90 days if you are mortgage ready right now!
oIf you're not quite ready: If you're not quite ready because you're house isn't in financial order, it's okay! Remember, it's not your fault and you don't need to feel embarrassed! Just because you're not financially ready right now to get a mortgage, you can be ready sooner than you think. A good specialist in bad credit finance will get to know your financial situation and tailor a plan specific to your needs, so they can work with you to clear whatever debts need to be cleared, to make you mortgage ready. Sure, you're probably thinking, "Strict saving" and "Boring lifestyle complete with sacrifice" and that might be true for a time. The key words here are 'for a time'. The objective is to get you mortgage ready and into your own home and it can be done!
Use this Great News to Your Advantage!
After reading this article, you now have permission - in writing - to ignore all of those negative messages about bad credit and mortgages that the media and typical mortgage brokers and lenders are so good at pumping out. You know that with bad credit it is possible to get a home loan and with a reputable bad credit mortgage expert on your side, you can get into your own home and follow a plan that will secure your financial future.
www.bad-credit-loan-expert.com
© Julian Thornton, Little Hinge Publishing, 2006.
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of

Bad Credit Loans - How to Make Them Work for You

Image via WikipediaThought it was impossible for people with bad credit to get loans that work for them? Think again! We'll forgive you for thinking the only loans available for people with financial problems are high interest ones, because that's the message you get when you listen to the media, the big lenders and majority of mortgage brokers. Most of them won't even give a bad credit loan applicant the time of day, let alone a loan that works for them! Before we get any further though, now is a great time to determine what bad credit is and whether you are suffering from it.
Bad Credit - the Symptoms
All this talk about bad credit loans, and you might be wondering, "Am I suffering from it?" Take a look at the following symptoms, and if you suffer from any of the following, chances are you have bad credit:
oPersonal bankruptcies;
oArrears on mortgages;
oRepossessed houses;
oWrits;
oJudgements; and
oDefaults.
Got bad credit? The really great news is that not only can you get a loan - even a mortgage - you can also use the loan experience to help you achieve a financially independent future. Sounds almost impossible? Now I'll tell you how it's done!
You've got the Loan - Now Make it Work for You!
You've met with a highly experienced, bad credit mortgage team and they've just secured the home loan that best suits your needs. Sure, the interest rate isn't the lowest on record, and that's just a reality when you have bad credit. You won't have the lowest interest rate home loan, however you will have a home loan that has a competitive rate that won't kill you and you'll be moving into your very own house! That's a fact because when you work with an experienced bad credit mortgage team:
oYou'll get the financial direction you need: The specialist will get to know you and assess your financial situation. Once they have done this, they can determine how much you can afford, and from there they will find the home loan that is right for you. Work with them, and you'll also get specialist financial direction - regardless of whether you walk through their doors mortgage ready or not. You'll walk out of their office not just with a loan, but a plan to live by, which will lead you all the way to financial success - provided you stick with the plan of course!
oYou'll know this is the last time: Sounds a bit negative I suppose, but I assure you it is far from it. You know that financial problems have financial solutions, and a bad credit loan with expert financial direction is the bad credit solution. Work with a reputable bad credit mortgage team and you'll understand that this bad credit loan will be your last, because your specialist is equipping you for financial success and a good credit future!
Getting the Loan
If you've spoken to traditional mortgage brokers or lenders and you've got bad credit, you've probably felt despondent and hopeless. Now since you've read this article, you have the knowledge straight from the horse's mouth: people with bad credit can get a mortgage, and that mortgage can work for them! Find out what we can do for you by contacting a reputable bad credit mortgage expert today! Step out from under that cloud of bad credit negativity and make bad credit your catalyst to financial success! You only have bad credit to lose and good credit to gain, so what are you waiting for?
© Julian Thornton, Designer Mortgage Solutions Pty Ltd, 2006.
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 debt elimination, Julian can help anybody into their own home and prepare them for financial success. Julian can be contacted by email at julian

Bad Credit Mortgage Traps

Image via WikipediaMake no mistake. It's a real jungle out there in the world of bad credit, and when you are suffering from financial problems you're fair game to some. Sounds scary right? It needn't be if you familiarise yourself with the surrounds and get to know the traps, so you can see them from a mile away and avoid them like the plague!
The Traps and Tips for Avoiding Them
Bad credit mortgages are certainly an attainable possibility. Nobody knows that better than credible bad credit experts, who meet so many people each day, all suffering from a range of acute financial problems. In the jungle, they're a trusted guide. The bad credit experts who are good at what they do get to know their clients, and show them how they can get a mortgage that works for them. They keep their clients safe from harm. That's great comfort no doubt, however there are traps in the jungle of bad credit which you need to steer clear of if you're venturing into uncharted bad credit territory, and here they are:
oMissing a payment: Sure, it's possible to have tight times, however make sure you don't miss a payment. This is especially important in the first two years of your bad credit loan - this is what you could call a probationary period. Once you get through it, you benefit from a lower interest rate. If you miss a payment during probation, your two year probationary period starts again. Avoid this trap! A credible bad credit mortgage expert will provide you with a plan, so you can avoid tight times.
oOver borrowing: This can happen with bad credit loans believe it or not, and normally it is attributed to a bad credit mortgage specialist who perhaps isn't as well-versed and experienced in the area as they should be. Any good bad credit specialist will spend time, carefully assessing your financial situation to determine what you can and cannot afford. Choose a reputable bad credit mortgage expert to avoid this trap!
oPaying too high interest: As you can guess, inexperienced, less-than-credible bad credit specialists will cut corners and miss the important details of your financial situation - the details that determine what you can and cannot afford. Some of them will cut corners talking to lenders as well, and take the first offer, without comparing it with others. As a result people may get a high interest loan they cannot afford. Avoid this trap by working with an experienced, reputable bad credit mortgage expert.
oBroker that doesn't check your credit file: Your credit file accounts for all loan applications that have been lodged on your behalf, and will advise of approvals and rejections. A good broker will check this, to make sure they are familiar with your situation and the applications that have been lodged on your behalf. A broker who doesn't check could do damage to your credit file, because there may be knock backs (again) if the broker lodges an application with a lender a broker may have already approached on your behalf. Again, avoid this trap by choosing a reputable bad credit mortgage expert.
oPanicking and Shopping Around: Multiple loan applications on your credit file raises the alarm bells, because it looks like you may have a problem securing credit. Avoid this by choosing a bad credit mortgage expert who knows what they are doing!
oBad credit brokers who exploit people: Beware - they are out there! Choose your bad credit broker carefully and only work with ones that are credible who have helped many people time and time again.
Find Your Guide Now!
If you're wandering through the jungle of bad credit, you need a guide, so you can find your way out to greener pastures! Reputable bad credit mortgage experts can help you find your path to good credit, a mortgage and financial security today! Do something about your situation, because every minute alone in the jungle maximises your chances of being bitten by the rogue lions!
© Julian Thornton, Designer Mortgage Solutions Pty Ltd, 2006.
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 debt elimination, Julian can help anybody into their own home and prepare them for financial success. Julian can be contacted by email at julian

Bad Credit Loan Secrets Most Lenders Don't Want You to Know

Image by Getty Images via @daylifeWhen it comes to bad credit and home loans, you'll think of all of the negative things you have heard. All of these messages come from major lenders, most mortgage brokers and the media, and unfortunately, a lot of what is being said is untrue. Put simply, everything about bad credit loans that you have heard is negative, and the reality is, there are positives in the world of bad credit loans. The lenders and most brokers just don't reveal it, because they don't want to be patting the back of a competitor. Since I've just opened a can of worms, your next question will be, "What are the secrets?"
Bad Credit Loan Secrets Revealed!
The mother of all bad credit loan secrets, from which many other secrets come from is quite simple: if you have bad credit, home loans that are affordable are out of the question. From this stems the belief that home ownership is impossible for anybody with bad credit, and if you're bankrupt, there's no chance at all. According to the big lenders and majority of mortgage brokers, if you have any of the following on your credit file, you have bad credit and are beyond help:
oPersonal bankruptcies;
oArrears on mortgages;
oRepossessed houses;
oWrits;
oJudgements; and
oDefaults.
I can say with almost full certainty that you too have believed this for quite some time. If you have bad credit, maybe it has even resulted in you avoiding the prospect of home ownership. Perhaps you have been caught in the rental trap for years, because you're drowning in debt? Even if this is the case, something can be done. The banks don't want to know you, but there are companies that do - the competitors of the major lenders and banks - the non-conforming brokers. Bad credit mortgage specialists focus on securing bad credit home loans for people with financial difficulties. They can do the same for you too. Only thing is you'll never hear the banks telling you that. They want you to believe that home ownership and loans are out of the question for you, so you won't approach them and waste their time. They consider bad credit clients to be 'too difficult' - put simply, if you have bad credit, you're too much work. More effort is required to find a competitive home loan if you have bad credit, so the banks and majority of mortgage brokers will tell you to go away. They won't tell you to come to non-conforming lenders and brokers though, because in a sense, they are competing with them.
Forget the Banks and the Majority of Mortgage Brokers
As you know, these guys just won't help you if you have bad credit issues - no matter how big or small. The good news though is that non conforming lenders and brokers, in particular bad credit mortgage brokers can work with you, so you can be financially stable again, and enjoy the full benefits of home ownership. Now you know the secrets the majority of lenders and most mortgage brokers are keeping from you, you can turn to a non-conforming broker or lender that can turn your dreams of home ownership and financial stability into a reality.
http://www.bad-credit-loan-expert.com
© Julian Thornton, Designer Mortgage Solutions Pty Ltd, 2006.
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of

Announcing a Breakthrough in Bad Credit Loans

Image via WikipediaAll of those negative messages you hear about bad credit and mortgages! I'm talking here about how it is commonly believed that if you have bad credit it's virtually impossible to get a home loan, and if you do happen to get a home loan, then the interest rate will be so high it will be a feat in itself just meeting the repayments. In Australia, every Tom, Dick and Harry will tell you that bad credit is bad news when it comes to your prospects for a home loan, however, there is has been a breakthrough in the bad credit mortgage industry. To date, nobody has been brave enough to reveal it - until now!
The Breakthrough in Bad Credit Loans
Forget those negative messages you no doubt have been inundated with, compliments of the media, big lenders and the majority of mortgage brokers! As a bad credit mortgage expert, I can honestly say that the negative messages are false. Here is a summary of the bad credit loan breakthrough:
oA mortgage is possible with bad credit: If you are suffering from the symptoms of bad credit (defaults, writs, repossessions, bankruptcies, judgements, etc), you can get a mortgage. The major lenders and most mortgage brokers will say you cannot, because they can't help you. In their eyes, you're too difficult to help. These guys simply want to nail the quickest, easiest sale and with bad credit, more running around is needed on their part to secure the loan that best suits your needs. A mortgage is possible with bad credit, because I secure them all the time and so do other good brokers who specialise in the area of bad credit mortgages.
oThe interest on a bad credit loan won't kill you: No doubt you have heard the messages that a bad credit loan will have huge interest rates that will cripple your already wounded money situation. The good news is that this isn't the case. Due to the fact that bad credit is on the rise in Australia, the area of bad credit mortgages is more competitive, and that means the interest rates for such loans will also be a lot more appealing. It is possible to secure a bad credit mortgage without incurring huge interest rates. For instance, it has been possible to secure a bad credit mortgage with an interest rate of 5.79% in the first year, and 7.79% after the first year. Rates like these are good!
Taking Advantage of the Breakthrough
Mark my words: you won't be able to secure a home loan through a big lender or the majority of mortgage brokers. To secure a loan that works well for you, you will need to work with a bad credit mortgage expert. If you are suffering from bad credit and you're looking to get into a home of your own, now is the time to take that first step towards a financially successful future. Reputable bad credit mortgage experts work with bad credit clients each day, and they secure competitive loans for them each day. Find out how you can as well and do something about your situation today!
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of "How To Get A Mortgage When No-one Wants To Give You One!"
© Julian Thornton, Designer Mortgage Solutions Pty Ltd, 2006.
Article Source:http://EzineArticles.com/?expert

Securing A Mortgage - Inside Secrets To Securing A Mortgage When You Have A Judgement

Julian Beever (Photo credit: FePe55)Unless you are working in the area of bad credit and finance or have a judgement, chances are you don't know what one is. A judgement is a court order which instructs you to pay a certain amount of money to a creditor. Each judgement remains on your Credit File for five years, and if you have a judgement, you are considered to be a person with bad credit. This means that you can forget about the banks or most mortgage brokers if you are seeking a home loan. Hope is at hand however, and a bad credit mortgage specialist can work with you to secure the home loan that is right for your situation.
Do you have a Judgement?
If you have a judgement, you will know about it because it is a court order. What you may not know though is if the judgement is still on your Credit File. The best way to find out if you have an active judgement on your file is to obtain a copy of it. Baycorp Advantage is the company that manage and store Credit Files in Australia, and you can find out how you can obtain a copy of your file by visiting http://www.mycreditfile.com.au. If you discover that you actually have a judgement, don't panic! It's just another financial problem that bad credit mortgage experts can help you to overcome, so you can get into your own home and on the road to financial abundance.
Managing your Judgements
It's never nice to receive a court order demanding you to pay money to a creditor. Most people will shudder when they hear their name and 'court' mentioned in the same sentence. As a bad credit mortgage expert, I can confidently say that even with a judgement on your Credit File, you can secure a home loan. By choosing to do business with an experienced bad credit mortgage specialist, you'll not only get a good home loan, but you will also be taught how to implement good money management practices. This determines the judgement management approach. The best way to manage your judgements is to pay them. View a judgement as a debt that you need to clear, and do so within five years, because that is how long your judgements will remain on your Credit File. Commit to paying off your judgements, and you are not only helping yourself to secure a home loan. You are also teaching yourself good money management practices, and that will equip you for a financially secure future.
A Judgement isn't the End of the World: Get Help and Start Managing Them
As you already know, bad credit isn't the end of the world, and neither are judgements. Look at a judgement as an opportunity - a catalyst for positive financial change. Commit to paying your judgements and talk to a proficient bad credit mortgage specialist about ways you can get into your own home sooner - even with a judgement on your Credit File.
It's Nothing to be Ashamed About
Bad credit is rapidly on the rise in Australia, so it will be a comfort for you to know that you are far from being alone. As a bad credit mortgage specialist, I believe individuals aren't to blame for their bad credit habits. After all, the movers and shakers of banking and finance are constantly bombarding us with messages to, "buy now, pay later" - sometimes even five years later, with the most recent interest-free offers clogging up the airwaves, not to mention our mailboxes. If people are educated on good money management and directed accordingly, I guarantee there would be less people struggling with bad credit issues. If you're struggling now with judgements or any other bad credit issues, it's time to turn this situation into an opportunity for positive change. Talk to a bad credit mortgage expert who is good at what they do and see just how successful you can be financially - regardless of your situation - now!
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of "How To Get A Mortgage When No-one Wants To Give You One!"
www.bad-credit-loan-expert.com
© Julian Thornton, Designer Mortgage Solutions Pty Ltd, 2006.
Article Source:http://EzineArticles.com/?expert

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