Poor Credit Home Loans For People With Not So Perfect Credit

Facts You Should Know About Poor Credit?  Bad Credit?  Imperfect Credit?

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Do not let credit problems of the past, or a history of debt, stop you from purchasing the house of your dreams, or refinancing your current home.  Do you have a history of being declined, and constantly turned back by lenders and banks because of past mistakes in your credit history?

No need to worry, Peak Home Loans can offer a home owner or future home owner, despite a poor credit past, or no credit history at all, a chance to own their own home, to refinance their present mortgage, obtain a home equity loan, or get a debt consolidation loan.  If you have had bad luck maintaining good credit;   don't worry, things happen.  You can still get a mortgage with good rates and terms.

However, sometimes an FHA loan program may be your best bet.  The down payment required is as low as 2%, and as early as 1934 Americans have been getting home loans from this federally insured program.   Another thing to remember, most people have better credit than they think, at least Fair Credit, keep this in mind while filling out our online form.  When contacted by us, kindly ask our loan professional which loan type makes more sense to you.  They will be more than happy to assist you in finding the best loan for your particular circumstance.  Remember, all loans don't fit all people; if you need a mortgage loan and have bad credit, we'll find the right one for you.

It can be hard to get a poor credit loan or poor credit refinance, says Zillow.com.  Regardless of how you ended up with your score, and the life experiences that influenced it, it's the mark of your lending worthiness for many financial institutions.   You can take steps to fix it, and Peak Home Loans can help you along the way.

The effects of poor credit does not necessarily mean you cannot get a loan; it just may come at a higher cost than those who have excellent credit.  Your low credit score can change simply by changing course after reviewing your credit history.  It lowers your score to frequently open accounts, run up your balances and not pay on time.  Change that pattern and you positively affect your credit score.  However, a home purchase, or a poor credit refinance may still be in the cards, according to UsaToday.com.

If You Have Been Rejected, Here are Some of Reasons

If you are trying to refinance, and keep getting rejected, ask your lender why.  There are common reasons for rejection, which you need to know so you can fix them.

  • Overextended on your credit cards because of missed payments or going over your limits.
  • Defaulting on a previous loan.
  • Filing bankruptcy, especially in the last seven years.
  • Taxes that are overdue.
  • A legal judgment against you for things like child support.
  • Showing up on a collection agency report.
  • You are asking for more than you can afford.

poor credit refinance

Fixing Poor Credit

Now that you know the reason you are being denied a loan, you can take the proper steps to improve your credit score and the chance you will get a "yes" on your next loan application.

  • Pay your minimum balance, on time, without exception, on your credit cards.
  • Throw an extra twenty or fifty bucks at a balance to reduce it faster.
  • Do not use up the entire balance or keep a balance close to the limit.
  • Do not apply for new cards or new lines of credit just before asking for a loan.  Too many inquiries into your credit history raise a red flag.
  • Do not close an account to take it off your credit report.  It will not work anyway.
  • Do not shop around too long for a good interest rate.  It generates those multiple inquiries into your credit past that attract attention.
  • Make sure your credit report is accurate.  You would be amazed how many mistakes there could be.  Those mistakes, if you don't challenge them, will stay on your report for ten years.

Five Steps to Better Credit

  • Correct mistakes on your credit report.
  • Pay your bills in a timely manner.
  • Pay down your balances on your credit cards.
  • Do not transfer debt, pay it off instead.
  • Do not close credit cards accounts.
poor credit refinancing

Note:  Your FICO score consists of five main areas:

  • Payment history.
  • Amount owed on your credit in relationship with the credit limit.
  • Length of credit history in years.
  • How much new credit you are applying for.
  • Type of the credit you are using.

There are several online resources you can use to get your credit score and accompanying report.  Click to get your FREE FICO Score From TransUnion, Equifax And Experian (Tri-Bureau)  You get your credit score for free and the ability to dispute any item on your report that is wrong.   Another option would to use our FREE Credit Repair Services, eliminate your current debt, and start over with a fresh new good credit score.  Do you need a Personal Loan For $35,000 With No Credit Check?  These are excellent ways to get immediate cash, and improve your credit score and get lower interest rates within 30 days.  This is also a great place to begin to forge your way ahead in your pursuit of bad credit refinancing, according to Zillow.com.

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