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Bad Credit Loans for Bad Credit People, Credit Cards and Repair Services

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									                                  Mortgage Lenders

                      How To Find Bad Credit Mortgage Lenders

      Bad credit mortgage lenders are in more demand than ever before, yet the
there don't seem to be any mortgages available for the millions of people in
America    who     want    to   buy    a     home    with    bad        credit.    Click
http://www.reallybadcreditoffers.com/mortgage-lenders.html         to       find     all
information about Bad credit mortgage lenders.

                            The Mortgage Lending Crunch

      I get it. The economy tanked, wallstreet crumbled, jobs were lost for
millions, and a lot of good people like me and you had to choose between paying
loan bill on time or putting food on the table for our family. During these rocky
times, many were humiliated and kicked out of their home, veritably shutting the
door on the American dream of home ownership.

      Things are still tough, but if you are one of the lucky few who learned from
past financial misteps and have righted your financial situation back to a healthy
one, you must be eager to take advantage of record low real estate prices and buy a
home again to return to home owner status.

       Eager and full of hope you, looking to finance a home you are running into a
brick wall trying to find bad credit mortgage lenders for your dream home. Bad
credit mortgage lending just ain't what it used to be...

       Finding a mortgage lenders willing to work with bad credit people is almost
impossible presently. As sub-prime borrowers there are relatively few loans
available, and the banks that claim they offer bad credit mortgages are in actuality
only loaning out money to 'less than good credit', but true a true bad credit history
will be denied outright.

       You may have a good paying capacity but the credit markets simply don't
have the money to risk on higher risk bad credit loans.

                                     Is All Hope Lost?

       I wouldn't recommend giving up your search for a mortgage, so if you wish
to tenaciously pursue a mortgage option, I would like to provide you some places
to start.

       First, begin your search with a mortgage broker who will look for a lender
that is willing to offer their money in spite of your credit limitations as a borrower.
Mortgage brokers typically will have a stable of lenders that they can shop your
mortgage stats to in order to find a good fit.

      Generally, as a middle man your mortgage broker will receive be paid a fee
equal to a certain percentage of the loan amount. The benefits of using a mortgage
broker to look for lenders is that they will do all the leg work for you, presenting
your credit details in the hopes of finding a lending institution that can squeeze out
an approval for you.

      It is important to keep in mind that each mortgage broker can have different
lenders that they work with, so just because one broker says they cannot get you a
mortgage because of your bad credit, keep trying. Some brokers work with private
lenders that can have unique approval requirements for the money they are lending.

      Prepare ahead of time for the review that you encounter, as you will only
save yourself time. Get yourself a copy of your credit reports from the three
bureaus, bring them with you, and bring reference letters and additionally letters
explaining the situation behind the bad credit occurrances that brought down your

      You do not want multiple banks and brokers pulling your credit over and
over as it will only lower your scores further if you acquire too many credit
inquiries in a short time. At this point in the game we need every leg up we can to
get your mortgage approved.

      Additionally, it would not be a bad thing to bring a budget list that indicates
the money you receive monthly and your expenses. The stronger a financial picture
you can paint, without stretching the truth, can help tip the scales in favor of a bad

credit mortgage approval. As you can imagine convincing the pontential mortgage
lender evidence of how you can pay the loan will not hurt.

      Another option to get a bad credit mortgage lender to approve you is to offer
a larger down payment more than the usual 3%, 10% or 20%. This is another
mortgage strategy to show the lender the willingness and ability as a borrower to
save and pay on your obligation. The increased equity acts as additional security
for your loan protecting the mortgage lenders interest in the loan. As an added
bonus you will reduce your monthly payments.

       Understandably, not everyone has the ability to increase the down

        What to do if you cannot get a bad credit mortgage lender to approve
                                    your loan?

      If you try time and again and feel you have exhausted all your options to get
a bad credit mortgage, then it might be time to try creative mortgage alternative
home buying strategies.

      We have developed a quick guide to getting a mortgage with bad credit that
outlines creative mortgage alternatives.

      A brief run down of your options would be to pursue owner finances or
private lenders. If the seller of a home owns the real estate outright, there is almost
no end to the flexibility with which you can structure a purchase contract and

      The idea, of course, is to create a win win solution that solves the home
sellers need to sell and meets your inability to get a traditional mortgage financed.

      The purchase can be arranged in a manner that the seller becomes the bank
effectively providing a bad credit mortgage to you on his or her qualification
standards whatever they may be. In many cases it could be determined by the
steady look in your eye and a handshake.

      Additionally, a sad result of the economic down turn is there are a number of
desperate sellers that cannot meet the payments of their own mortgage and face
foreclosure and eviction. In these cases it is often possible to create what is known
as a 'subject to' home purchase.

      Essentially, in lieu of your acquiring your own bad credit mortgage, you take
over in a manner the mortgage of the current home occupant. It is an advanced
home buying technique for bad credit people that your title company can help you

      The other option is to wait out the current economic slump and mortgage
crunch. If one thing is certain, times, both good and bad are cyclical. With time

mortgage lenders pockets will get flush with cash again and they will return to
being desperate for borrowers with both good and bad credit. If you continue
saving while you wait for their return, you will be more than capable of qualifying
for whatever the more flexible bad credit mortgage lender requirements may be.

                      Which Mortgage Lenders Loan to Bad Credit

      It's impossible to know which lenders will offer mortgages to bad credit
people, but the following is a review of mortgage lenders most likely to based on
what we know today.

                                    Citigroup Mortgages

      One of the well-known mortgage lenders is the American-based company
Citigroup. This is the first company a borrower with a bad credit history will likely
try. They provide adjustable and fixed rates. For a 15-year mortgage, they offer the
lowest interest rates. Citigroup is found in 54 countries outside of America. In the
past they have helped people with a bad credit borrow mortgage loans.

      In the current climate people are using adjustable rate mortgages especially
those who have bad debts and are looking for a little short term relief. After they
pay off the debts, the idea is to switch to a fixed rate to lock in historically low
rates. Quite frankly, with the tumultous financial health of America and the
international community, I do not recommned any adjustable rate mortgages
presently. The risk of sky rocketing interest is just too great in these unstable times.

                                    Bank of America
      Bank of America usually offers a number of subprime bad credit mortgages.
Aside from providing home mortgages, they have had a spotty record of helping
clients facing financial difficulties and have earned a reputation as a tough lender.
Bank of America is the third largest bank in America at the time of this writing.

                                       Wells Fargo

      Another mortgage lender is Wells Fargo. They have existed since the stage
coach days and they have over 1000 branches in America. As a mortgage lender,
Wells Fargo offers a number of online tools that have empowered the borrower.
They have a good record of embracing technology to stay with the times and
provide you additional benefits as a customer. They also provide loans with a
fixed rate and low interest specifically designed for people with a bad credit
history. In the past they have offered mortgage loan packages that allow borrowers
to purchase a house and to make home improvements at the same time if they want
to undergo renovation as simultaneous with their purchase.

      Other mortgage lenders include Allied Home Mortgage Capital Corporation,
Countrywide Home Loans, Inc., First Magnus Financial Corporation, GMAC
Mortgage LLC, Primary Residential Mortgage, Inc., Bank of America Na
Charlotte, Ark-la-tex Financial Services LLC, Premiere Mortgage Funding, Inc.,
First Horizon Home Loan Corporation and American Home Mortgage
Corporation, each with their own benefits and negatives.

      Undoubtedly, with bad credit you must expect any mortgage approvals to
have a higher interest rate and service fees. They will also impose additional
charges for late payments.

      To continue reading the rest of the article and find out our
recommendations, please click here: http://www.reallybadcreditoffers.com


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