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Tuesday, October 22, 2013

Do You Need a Bad Credit Mortgage Loan

Before you decide on a bad credit mortgage loan ensure that the result will be a lessening of repayments, interest or both. If you are merely borrowing to forestall the inevitable, then you need to seriously assess your position first to ensure you get the best outcome and avoid further problems.

Sometimes your world spins out of control. One minute everything is fine, then all of a sudden the unthinkable happens. Some things that happen could include the following:-

-Your spouse is incapacitated and can no longer work -Your spouse dies and has no insurance leaving you with a huge mortgage -Your spouse leaves you and you have young kids to support -You are made redundant and getting a job for the same money is not possible -You have a health crisis and can't work -Unexpected medical costs mean carrying more debt

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We all have a life crisis or two. It's how we deal with it that matters. If you have bad credit because you have had one of these problems or became overwhelmed with your situation, you need to think about a solution which is not just more debt but a plan to get you on the financial rails, rather than sending you further into the oncoming train. There is light at the end of tunnel but you must be realistic with yourself and your lender.

The decision you make will certainly affect your life. Whilst a bad credit loan is more available than ever before, you need to look at the following points for the best outcome.

-For 14 days write down everything you spend, no matter how little, so that you know exactly where your money is going. This will certainly make you aware of some home truths. Get some ruled paper and write down your income at the top and create a category for each expense. Total the income and minus the expenses to see if you have a surplus or deficit.

- If as I suspect you have a deficit, then you have 2 choices, earn more money or spend less money. Maybe you need to get rid of your monthly cable bill,change from a cellphone plan to a prepaid plan so you can control how much you are spending.

- Stop buying Mcdonalds, Pizza Hut and Chinese take out every night. By planning your weekly meals you also control the cost and probably improve your family's health at the same time.

-This is the time to consolidate all those credit card debts into your mortgage loan to reduce the high interest rate of the credit card lenders to a more manageable rate provided by mortgage lenders.

- Say NO to your children who demand more and more stuff, which is of no value. Teach them about TV marketing and peer group pressure

-Assess whether you should change or sell your car.

If you have bad credit this is actually an opportunity to gain back a good credit rating by showing financial institutions that you are creditworthy.

There are bad credit loans available for autos, home mortgages, personal loans and almost anything else.

Before you jump in and just borrow more, think of it as a second chance to make your credit good. Bad credit loans and especially bad credit mortgage loans can be useful but you should reassess your financial basics first.

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