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SpinDistribute.com Article Directory

The following article was published in our article directory on November 20, 2012.
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What Does it Take to Get Financing on Realty?

Article Category: Finances

Financing is defined as a forbearance of money by a lender to the borrower. The former promises to pay a specific amount, usually for the purchase of goods or services. The latter undertakes to pay in stated installments the principal amount plus interest, according to the terms of the agreement.

What Will You Finance?

Any product or service capable of pecuniary estimation can be the financed. This is assuming the borrower, lender, and the owner of the goods or service agrees to the contract. For our purposes this article will discuss the financing of realty otherwise known as real property i.e. homes, houses, lots, condominiums, etc.

What is Collateral?

This is a term used for the security arrangement between the borrower and the mortgagee. It is essentially an add-on or a clause in the contract. The borrower undertakes to surrender any stipulated property, but usually the property subject of the loan, in case of default.

Financing Home Equity Loans

This means you are borrowing money utilizing the remaining equity in your home as collateral. Bear in mind that it does not mean the actual home, which is usually subject to a first mortgage. Rather it is the monetary equivalent of a portion of the home that is not mortgaged. This is usually in proportion to the amount of actual payments on the principal mortgage.

For example, Mr. A has an existing home loan with Bank ABC. However Mr. A has already paid off half of the total mortgage payments. Mr. A has no other unpaid debts or mortgages attached to the home. This means the remaining equity in the home is 50% which represents the total payments made.

If on the same example Mr. A also has a second mortgage worth 20% of the home value. Then the remaining equity is reduced to 30%. What this means is that the only loanable amount via home equity loan represents 30% of the value of the property.

Financing Bad Credit Mortgages

This means that the borrower is taking out a home loan with mortgage arrangement notwithstanding the fact that he/she has below average credit rating. The consequence is that the loan application has a bigger chance of being denied, takes longer to process, requires more documentation, etc. Even if the loan does get approved the interest rate is higher, at least, as opposed to a person with average or excellent credit.

The good news is that it is possible to get loan approval with bad credit. What is better is that, the loan itself is a way to increase your credit score. This will allow you to renegotiate, modify, or refinance. Just follow these 3 easy steps:

To increase your chances of getting approved you need to shop around and request for pre-approval.

It will help if you have substantial cash on hand to make a down payment or you have another property to serve as collateral. Worst comes to worst you can piggyback on the excellent credit score of family and friends.

Once you get approved you pay on time and in full. After a couple of years of doing so, your credit rating should have already improved. So much so that you can renegotiate for better terms or transfer your loan to another, more helpful lender.

Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages

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