Apr 21

Bad Credit Home Loan - Over the years we have gained invaluable knowledge and insight into our clients. Loan Saver Network’s core products are for clients requiring Debt Consolidation and Bad Credit Home Loan, as such we have looked closely at the cause of Bad Credit and how to move forward and learn from the experience. We have seen many of our clients having an incorrect financial structure to protect themselves. This could be from taking the wrong advice, accpeting risk over financial concerns such as premiums for an insurance policy, or simply a major life event such as divorce or death of a loved one.  Loan Saver Network is committed to our clients moving forward with their lives, as such we look at a clients situation closely to ensure you don’t put yourself into the same situation again, and provide you the tools to learn new ways of operating. We have installed Award Winning Budgeting Software to our website which is Free for all to use.  We provide this to everyone because our fundamental message is to assist all and provide clear advice and guidance, even if it mean pointing you in another direction. A Bad Credit Home Loan may not be the best option for you.

If you have any doubt about your current situation, or want to employ us to restucture your financial situation for long term security. Call us for an unbiased proposal on 1300 796 850.

Nov 24
  1. What is a Bad Credit Home Loan?
  2. Do i qualify for a Bad Credit Homeloan?
  3. What lenders are available for my loan?
  4. How do i choose the right Bad Credit Home Loan?

These are just some of the questions raised when looking to a Bad Credit Mortgage or Homeloan, and questions that are relevant to finding the most appropriatte home loan.

  1. What is a Bad Credit Home Loan? A Bad Credit Home Loan or bad credit mortgage is a Home Loan that is available for people who amonst other criteria, may have a bad credit history.  Their current mortgage may be in arrears or in default. In these instances traditional lenders won’t approval these loans as they are outside of their credit criteria.
  2. Do i qualify for a Bad Credit Homeloan? There are many factors involved in determining elegibility for a Bad Credit Home Loan. Some of the factors may include - Ratio of loan vs property value (LVR), number of credit defaults, how many months your current loan is in arrears, and by how much, the condition of any loans being consolidated, and also how you are verifying your ability to repay the loan.
  3. What lenders are available for my Bad Credit Homeloan? There are a number of lenders available, though with the impact of the US financial crisis the available lenders are diminishing. The lender available to you would be determined by the combination of the factors in Q.3.
  4. How do i choose the right Bad Credit Home Loan? The best way to identify the best Bad Credit Homeloan is really to speak to a professional. There are many variable in applying for a Home Loan that could result in a decline if presented incorrectly.

For advice on applying for a Bad Credit Home Loan call Loan Saver Network on 1300 796 850.

Oct 23

When you have credit defaults or some other form of loan or credit impairement there are still available options to refinance. Bad Credit Refinance and the general refinancing processes are very similar, with only a few detailed but significant differences.

  1. The Story - There is alot of weight put on what caused the issues and if the issues are now past.  Would the Bad Credit Refinance rectify the issues if the loan was placed. For example, if the issues were caused through an illness the lender will want to see you are now well again. When you still involved in the issue it can be difficult to see how the issues unfolded.
  2. LVR - the ratio of lend against the property value plays a large part in having the lender feel secure in providing funds for a Bad Credit Refinance.
  3. Income - Each lender  views income in different ways. Some willa ccept short term employment, some will acceptunstable incomes. Choosing the right lender is important for a rapid Bad Credit Refinance.

Loan Saver Network will look at your individual circumstance to identify an appropriate course of action to effect a Bad Credit Refinance. See Bad Credit Mortgage for information on the types of Loans available.

For more information call us on 1300 796 850 or Apply for a Loan.

May 1

How to Get a Bad Credit Mortgage

Many people who have bad credit feel as though trying to get a mortgage would be impossible. The idea follows the norm of society; people who have bad credit simply do not get new loans, like mortgages. What people do not realise, however, is that there are companies out there who specialise in offering bad credit mortgages to people who want to be able to own their own home, but don’t know what to do. People with bad credit come to these companies and manage to get mortgages; while the interest rate may be higher, people who can afford the payments can get a mortgage just as others do. Once you have a mortgage, refinancing is possible down the track that could provide improved interest rates. Many people feel that the process of obtaining a bad credit mortgage can be difficult and complicated, but If you follow simple steps, obtaining a mortgage can be easier than you realise.

Know What You Can Afford

Obtaining a bad credit mortgage is achievable, but you should check some details to ensure you end up with the right loan. One way that you can seriously help yourself obtain a bad credit mortgage is to know exactly what you can afford, and what is realistic. Trying to get a huge mortgage may not be realistic for people who have bad credit. By knowing exactly what you can afford, you can make sure that you are not putting yourself from the frying pan into the fire.

Know Your Credit

One incredibly important step in trying to get a bad credit mortgage is understanding exactly where your credit stands. By knowing where your credit rating stands, you can source the appropriatte lenders who provide bad credit mortgages for your circumstance. Some companies work with very bad credit, where others deal with slightly bad credit. Understanding your level of credit impairement will lead you to the correct company and Mortgage.

Your House and Other Fees

Once you understand your situation and what you can afford you are in a position to start looking for a house. If you have found a specific house that you want a mortgage for, the purchase price will determine other Government fees and Stamp duty, as well as lenders costs you need to pay (use a mortgage calculator otherwise a mortgage broker will tell you). Each state has different Government fees when buying a house.

Find Companies that Offer Bad Credit Mortgages

After you have figured out your credit, how much you can afford, and how much money you need, there is still some job ahead of you. The final piece of the puzzle is to search the companies that offer bad credit mortgages. The best way to approach this is through a Mortgage Broker who specialises in Bad Credit Mortgages. You may research lenders and products yourself, but it will take more time and quite often when buying a house there is not a lot of time to do this.

It is important to search out the right companies that can help you in your quest for a mortgage, because applying for multiple loans can hinder your chances of obtaining a bad credit mortgage, as each enquiry gets listed on your credit file. A specialist mortgage broker will assist with obtaining a successful application ideally the first time.

Once you have been able to find the Mortgage Broking Company that will offer you a bad credit mortgage, you are on your way to securing a mortgage. Some people do not realise that even people with bad credit can own their own home. While getting a bad credit mortgage can be more difficult than a traditional mortgage, it is still possible.