Buying a home is part of the American dream, and homeownership can really turn your life around. Instead of paying a stuffy landlord outrageous rent payments on a home or apartment that you will never own, you are investing in your future and the future of your family. For those with bad credit, however, the American dream seems like just that - a dream that will never be realized. It does not have to be that way any longer. There are online lenders who work with those who have bad credit to get them in homes that will last a lifetime.
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Beef Up Your Application
Although online lenders historically have better success in financing bad credit borrowers than any other type of lender, you can do a little bit of legwork to beef up your application and make yourself appear like a more appealing borrower.
Your first step is to obtain a copy of your credit report from the major credit bureau. You have a legal right to obtain one copy from all three major bureaus each year without charge. You may be charged extra for your score. Review your credit report for any discrepancies you may notice on accounts that are listed. Look for account that may have been placed with the bureaus inadvertently or in error. File a dispute immediately about anything that does not match up with your own records.
If your credit score is low, you can add points rapidly by obtaining a couple of secured credit cards. These are credit cards that are secured by a cash deposit that you make in the amount of the credit you wish to have extended to you. Use the cards wisely, and never charge over one-third of the available credit on them. Run a small balance. Within three months, these cards will add valuable points to your credit score and make your credit file look more appealing. The longer you pay on these cards before applying for your bad credit home loan, the better your credit will look.
Show Your Responsibility
Open a bank account if you do not have one. You need a checking and savings. Being an account owner speaks to potential lenders of your financial responsibility. Be careful to never overdraw on your checking account.
If you are married, you will most likely be applying for your bad credit home loan with your spouse. Your lender will look at both of your credit reports and score, so your spouse should follow the same steps to prep their credit as well.
Apply Online For Savings
With these steps completed, you are ready to apply for your online bad credit home loan. You will be able to fill out the application in full on the website of the lender. Any additional documentation that is needed on the part of the lender can be faxed or emailed. You can choose to have your loan proceeds electronically deposited into your bank account, sent directly to the owner of the home you wish to buy, or sent out in a paper check.
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