After all, you know how it is like to be chasing after a mortgage in the current economy crisis. You may remember the older years when it was so easy to receive financial aid to buy a house. But nowadays the credit factor plays a bigger role than before.
So since it is not always possible for us to purchase a house with instant cash, it is a helpful idea to review your options to choose the best type of financial aid. That includes finding a way to get approved with a poor credit history, and also receive the lowest possible interest rates and best quotes.
Guaranteed Bad Credit Home Loan - Does It Really Exist?
The truth is, there is never really such a thing as a "guaranteed" loan. Because if a private lender or bank is really honest with you, they will always inform you that they need to check your credit history and financial background to some extent at least.
If anyone tells you otherwise and makes unrealistic claims, you know they are not being entirely upfront about the fine print. So you may want to be cautious about working with them.
Because the fact is, the only type of loan that is absolutely guaranteed - no matter what your credit rating and background - is the one you can get from a loan shark. And for far too many reasons, that is not the wisest idea.
But the good news is, there are certain types of loans that are so easy to get and which require an easy to achieve minimum credit score, that you could call them almost being "guaranteed".
Now here is another helpful tip to save money on your loan payments easily...
How to Save Money Using a Bad Credit Mortgage Refinance?
The fact is, when you have a bad credit history, it is certain that for now you will need to agree to pay a higher interest rate on your loan payments. But the good news is, you can always refinance your home loan later on as your credit improves. This is a secret that helps you save a lot of money in the long term.
So you can simply find a bank that offers you a home purchase loan right now - even if with higher interest rates. Then a few years down the road, your credit will automatically improve based on paying your monthly payments on time.
Then you can always approach the same bank or even another bank to receive a mortgage refinance offer. This helps you use your new and improved credit ranking to negotiate for lower interest rates on your previous loan. Many people use this secret to save plenty of money in the long term.