Bad Credit Home Mortgage
When you have acquired a mortgage loan in the last 4 years or currently have one at the moment, creditors don’t like it to see mortgage lates. If in case you were able to own a home beyond 4 years back, creditors could not care less. However, if you obtained mortgage lates within the last 12 months on your current mortgage, you must hold out for 12 months starting from the last late before you can refinance or buy another home.
Foreclosures tend to be okay with creditors as long as they are beyond 4 years old. Nevertheless, if it’s a recent one, you must be waiting up until a foreclosure is beyond 4 years before you get approved by a creditor for yet another loan.
Late payments may be a hindrance to a loan but you can deal with it when you possess a good credit score or perhaps if they’re more than 1 year ago.
Tax liens as well as judgments aren’t really pretty since they take the first lien position when it comes to a mortgage loan. Creditors instantly reject you in an event you have these since it could indicate that if you default on the home mortgage and the house is sold, the tax lien and judgments are the first ones to get paid and the creditor only gets what’s left. This is a huge risk to run since the lien holder would prefer to be the first lien holder on the home.
Back owed child support may be an impediment to a great deal as well. It’s virtually the same with a judgment. Thus, see to it that you are all caught up or hold out until you are all caught up with your child support before starting to hunt down a home.
Bankruptcy will simply be a problem in an event you have filed within the last 4 years. If it has reached beyond 4 years ago, you are still able to get prime lending rates just like the rest.
More Bad Credit Articles
Categories: Loan Articles Tags: Bad Credit, home, home mortgage, loan, mortgage, poor credit, years
Reverse Mortgage
In case you have a home mortgage and you want to rid yourself of the monthly payment, a reverse mortgage can be of help. As one grows older, he must see to it that his money outlives him, instead of the other way around. Pension plans are getting cut down or eliminated and expenses nowadays continually get higher.
Seniors of today are compelled to look for other options. To make ends meet, some are forced to go back to work, while others are drastically cutting their expenses that they can’t enjoy retirement years. Seniors that either own their home outright or even if they do have a mortgage on the home can look towards a reverse mortgage to solve their financial problems.
If you were able to pay off or pay down your mortgage enough, you may utilize your home equity as income for the rest of your days. There are so many option when you look into a reverse mortgage.
For instance, if you’re 70 and your home is valued is $200,000, but the mortgage owed on it is still $50,000, a reverse mortgage can come to your rescue. You could start receiving a monthly payout of $374 for the rest of your life, tax-free.
If you had $600 for a monthly payment, then when you eliminate that payment, with the additional $374 a month you are receiving, then that would be a net increase of almost $1,000 a month or close to $12,000 a year, tax-free.
This is a mere example, myriads of options are available. Majority of seniors aged 62 and older may have not taken this into consideration, not realizing how much help a reverse mortgage can give them.
Categories: Loan Articles Tags: home, home mortgage, mortgage, receiving, Retirement, reverse mortgage, senior citizen