Trade in your high interest credit card debt with a debt consolidation loan secured by your mortgage. With your home’s equity as security, you qualify for some of the lowest rates. And you can select terms that best fit your budget needs. So you can either extend terms for a lower payment or shorten the length to get out of debt sooner. Take Stock Of Your Debt And Equity Before you start...

Apply For Home Mortgage Loan Online With Bad Credit - Things To Consider

Carrie Reeder

So, you’ve found the perfect home. You’ve already decided where to place each piece of your furniture inside the home, and in your mind, all of your family photographs are hanging alongside the stairwell. But wait—do you know that even if you believe that your credit report is spotless, it could negatively affect your chances of getting that home mortgage approval?

The credit bureaus handle hundreds of thousands of credit reports, and it’s only logical that they will make mistakes. In fact, studies show us that there are some types of errors on at least 50 percent of all credit reports.

Could an error be lurking on your report?

Here’s a simple step-by-step guide to ensure that your credit report reflects exactly what it should.

Step One: Avoid a Bad Credit Report by Requesting a Copy of It

Under the law, you are entitled to a copy of your credit report from each of the three credit reporting agencies. You should simply submit a request in writing or visit their web sites and request a copy.

Step Two: Check the Personal Information

Maybe your name is Jane Smith, but the agencies have you listed as Jayne Smith. If you don’t think that it matters, you’d better think again. If the agencies have a miss-spelling in your name, the wrong address, reversed digits on your social security number, or even wrong employer information, it could mean bad news for your report. If the person who they have you confused with makes a late payment, then it will appear on your report. What’s worse, if they file for bankruptcy or default on a car loan, it will take some time to sort out the erroneous information once it’s found its way onto your report. Avoid all of this, and report any bad information now.

Step Three: The Credit Information

It may be too late, and you may find that there are loans or other items on your report that you’ve never taken out. In addition, you may find that late payments are on your credit report when you’re sure that you made them on time. If you find such erroneous information, then you’ll need to send the credit reporting agencies a letter explaining the error, along with any proof or documents that you have that will back up your claim. They are required to investigate your complaint and report back to you with their findings.

It’s important to do all of this before you apply for a home mortgage. It will not only reduce the amount of time that it takes to get an approval, but it could positively affect the interest rate that you end up with.

To view our recommended sources for bad credit mortgage lenders, visit this
page: Recommended Bad Credit Mortgage Lenders.

About the Author

Carrie Reeder is the owner of ABC Loan Guide, an informational
website about various types of loans.

The latest information and news on Mortgages:

Yahoo! News Search Results for mortgage

Mortgage rates hit low of 4.54 percent
Mortgage rates are the most affordable in decades for those who can qualify for a loan.
Mortgage rates hit low of 4.54 pct.
Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans.
Mortgage Rates Fall Again; 30-Year Fixed At 4.54% - Freddie
Mortgage Rates Fall Again; 30-Year Fixed At 4.54% - Freddie
Mortgage brokers to be fingerprinted, registered
Mortgage loan originators will have to be fingerprinted and sign up to a central registry to do business in future, according to new rules issued by the Federal Reserve and other regulators. Mortgage - Business - Mortgage broker - Federal Reserve System - Financial Services
Mortgage rates hit low of 4.54 percent
Mortgage rates are the most affordable in decades for those who can qualify for a loan. For many, the opportunity to buy a home or refinance at this time is lost because of the tough economy and tight credit standards. But those who have secure jobs, superior... Mortgage - Loan - Refinancing - Unite...
Yahoo! News Search Results for refinance

Russia's Sberbank to refinance RusAl's credit to VEB
Russia's top bank, state-controlled Sberbank, will fully refinance a $4.5 billion loan, which Russia's state development bank Vnesheconombank (VEB) issued to RusAl, the world's largest aluminum producer in the midst of the financial crisis, VEB head Vladimir Dmitriyev said on Wednesday.
Centro to refinance US arm's debt
SHARES in Centro Properties Group rose on news it will refinance and extend the debt of its US business in the midst of restructuring.
Development authority moves to refinance Riverview loan
The Butts County Industrial Development Authority has decided to refinance its loan on the Riverview Business Park property in southern Butts and northern Lamar counties, despite losing its eligibility for a low interest rate.
Pasco School Board to refinance bonds
The Pasco School Board agreed Tuesday to refinance bonds from 2001 and 2003, a move that's expe
7 reasons why you should refinance
A refinance can make sense for many reasons, from getting a lower rate to consolidating debt.