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Can I get a home loan, I
have credit problems? |
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Should I buy a home or first
fix my credit? |
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Can you help me with my
credit? |
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Is there a pre-payment penalty
with my loan |
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What is a pre-payment penalty? |
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Are pre-payment penalties bad? |
| • |
My home is in foreclosure,
can you help me? |
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| Q: |
Can I get a home loan, I have credit problems? |
| A: |
Yes, provided that you can demonstrate to the lender that
you can afford to make the mortgage payments. |
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| Q: |
Should I buy a home or
first fix my credit? |
| A: |
We are in the business of getting you a home
loan even if you have bad credit. Real Estate values are continually
rising. If you wait too long you may not be able to afford
a home. If you are ready to buy, we recommend buying now and
then refinancing once you credit score has improved. |
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| Q: |
Can you help me with my
credit? |
| A: |
Yes, we would be happy to give you advice
on how to improve your credit so that you can buy a home. In
many cases you may be able to get a home and improve your credit
at the same time. |
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| Q: |
Is there a pre-payment
penalty with my loan? |
| A: |
Pre-payment penalties are optional. Most
lenders will give you an option to buy down your pre-payment
penalty, if there is a pre-payment penalty with your loan. |
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| Q: |
What is a pre-payment
penalty? |
| A: |
A pre-payment penalty is designed to motivate
you to keep the loan for a longer time. A 2 year pre-payment
penalty requires that you keep the loan for 2 years. If you
pay off the loan before the prepayment penalty you will be
charged a percentage of the loan amount.
If you have credit problems, a pre-payment penalty of 2
years is not as bad as you think. During this two year period,
you will be paying all of your bills in a timely fashion.
After the two year period, your credit would likely have
improved so you will qualify for a loan with a lower interest
rate with no pre-payment penalty. |
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| Q: |
Are pre-payment penalties
bad? |
| A: |
Most people you speak with will tell you
pre-payment penalties are not good. However, if it makes the
difference of allowing you to buy a home now instead of waiting
for six months to a year, it can be a good thing. |
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| Q: |
My Home is in foreclosure,
can you help me? |
| A: |
Yes, we work with private investors and real
estate professionals that will help you get you home out of
foreclosure. Usually this is a two step process. First we get
you a loan to get your home out of foreclosure. After six months,
we will help you refinance your home in order to reduce your
mortgage payments. |
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