Today many people who want to buy a home are finding it difficult because they either have a bad or poor credit history. By having either of these will often prevent that person from getting a mortgage. However there are things that a person can do in order to get the loan they want by carrying out bad credit mortgage repair.
Although in the sub prime mortgage market there have been some stops placed on people getting mortgages because of bad credit there are some lenders who still have loan facilities available. It may take some time but by doing a little research someone should be able to find one of these. In fact there are several lenders who specializing in providing mortgages to those with bad credit history but below we provide some ways which could help to improve the situation.
1. The first thing that you should do is clean up your credit report. Unfortunately there are a lot of people 樓宇按揭 who do not realize that if inaccurate information is listed on their credit report it can seriously affect their chances of getting any form of credit and not just a mortgage.
2. If you can pay off the debts you have currently. Only pay them so that you have a balance of around 30% on them of the limit that you were provided. By doing this you will soon improve your credit score rating.
3. If you are able to raise your credit lines as this will help to present a much improved picture to any potential lender. Again only raise the limit so that the balance showing on the account is around 30% of your total limit.
4. A great way of helping to repair your bad credit mortgage is by preparing letters which explains to lenders why your credit rating has been affected. You may find that some lenders are quite willing to offer you a loan if the reasons are through a job loss or a medical problem.