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Using Student Credit Cards to Build Solid Credit
By Morgan Hamilton
Once a student graduates from high school and heads off to college they will be tempted with student credit cards. Student credit cards are aimed at college students. They are easier to get and are Read more...
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Student Gas Credit Card Comparison
By Jeremy Biberdorf
For a student, it can be difficult to get a credit card that saves money on gas. The best credit cards require a minimum annual income. The average college student does not have the time for classes Read more...
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Get In The Driver's Seat With Automotive Credit Cards
By Morgan Hamilton
A number of people have taken advantage of the rewards that automotive credit cards offer. These credit cards pair a major credit card company with automotive manufacturers. A person will earn Read more...
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Bad credit mortgage tides over a poor credit history
By Keith Gill
Applying for a mortgage or a home loan is fraught with difficulties. You need to have a good history if you want your loan application process to be completed smoothly. But, for those with a bad history, don’t dash your hopes just yet. The rise of such cases has seen the emergence of a whole new market catering to the needs of people with adverse histories. A bad mortgage will help you get all the benefits of other types of mortgages even if you have a not-so-perfect history.
Before going for a bad mortgage, you must identify your history. It is best that you get a tri-merged report, in addition to your scores. These scores determine an individual’s worthiness. Generally, a bad history is any score, which is less than 620. If you have an adverse history, you must go for bad mortgage. A bad mortgage is tailor made for those who have a poor history and is also known by other names like adverse mortgage, sub-prime mortgage, non-standard mortgage, poor mortgage, and credit-impaired mortgage.
The factors that contribute to an unfavorable history can be many but the more prominent amongst them are rent arrears, judgments doled out at county courts, bankruptcy, I.V.A, trust deeds, and in some countries various decrees also contribute to a person having an irregular history.
There are some lenders who turn down prospective borrowers even if they have changed their address on numerous occasions. These and many other reasons have seen the rise of sub prime lenders. They cater to the requirements of people with a poor history and give bad mortgages. As the name suggests, they are lenders who lend money to borrowers who have been turned down by mainstream lenders. As there is a demand for bad mortgages, many mainstream lenders have authorized affiliates who offer bad mortgages. It is advisable that they are at best avoided as you increase the amount of risks that you are taking.
But in the end you must understand that lending money is risky business.
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Mainstream banks charge very high interest rates, if they offer a bad mortgage. Most of the lending organizations are very strict about lending money to high-risk category borrowers. They do want to minimize the associated risk and hence they adjust the rates accordingly. You must take due cognizance of the associated risks but not forget the positives of bad mortgages. At the end of the day, you get a house that you can call your own. And after you have made regular payments and finally repaid the whole loan, your history will see a tilt towards the better. This allows you to enjoy the benefits of remortgage, under the aegis of which you can change your lender. From the mean streets, you can jump to the high street.
When you take bad mortgage, your final aim must be to make an upward climb from adverse history to a positive history. From, no property, to ownership of property!
Keith Gill is an Experienced Real Estate investor and Mortgage Banking Consultant and Loan Officer. Keith Prides himself on Bring accurate and valuable information to the Real Estate and Mortgage market place. Keith Can be driectly contacted by going to his personal website at http://www.YourLenderForLife.com
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