Years ago, if you had
bad credit, you were really in dire straits. Not only was the loan
rate much higher, but the chances of being approved were slim at
best.
Those days are gone
forever! Today, many investors on Wall Street have conducted
countless risk surveys that determined once and for all that
homeowners saddled with debt and slow payments pose only a slightly
higher risk than the "A" paper applicants. Risk-based
lending evaluates more factors than just credit history. Other
factors that help determine an affordable solution for you will
include:
How much time has
elapsed since the bankruptcy, foreclosure, late payments, etc?
Is the credit on
the mend now or is it still shaky?
Length of time at
current property
Job Stability
Amount of equity
in your home (if refinancing)
Amount of down
payment available (if buying)
Is the new loan
going to reduce your monthly expenses?
So, don't give up hope. You'd be surprised at the "perfect
loan" awaiting you.
