Home Loans for All

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Let’s face it, getting a mortgage is a dream for many but with their concerns
regarding their financial situation, especially if they have a bad credit score
then they may think that it will never happen for them.
The information within this book will help and could well be an eye-opener.
You are welcome to share this book with anyone who you think may get help
from the information within.
This eBook covers:
when and when not to get a mortgage,
what to do if you have bad credit and need a mortgage,
alternatives to a mortgage payment that you could consider
5 simple steps to fixing your credit – Click to watch the video now
#1 - When is the right time to get a mortgage.
 If you are planning on living in a certain location for the next five to six
years, then this is a good time to purchase a home.
 However, if you have just left college and don't know where you will be
working for the long term yet, wait and rent until you have some
certainty in your life.
You have to work with a mortgage broker or loan officer that broker out to
many different banks and is doing high volume. If you walk into a bank, they
will always want to prequalify you for some type of loan but the bottom line is,
that is just one bank. Not all banks are the same.

(Bear in mind that with some banks, there is a strong possibility that you could
be looked upon favourably if you had a decent mortgage down payment!)
#2 - Is it possible to get a loan with bad credit?
A lot of people really want to know the answer to that question because of
being in that situation.
After a survey of asking people if they felt they could get a mortgage with bad
credit, ‘It's tough’, was the answer of those interviewed in the video.
Alright, let’s jump into the meat and potatoes on this subject. The first thing I
want to do is to give you three different strategies on how to get a mortgage
with bad credit.
Getting a Mortgage with Bad Credit
1 - Mortgage Broker
You should work with a loan broker or a mortgage officer that is
brokering out to many different banks and is doing high volume.
Let’s talk about the Why.
If you go directly to a bank and you walk into the bank that you normally
use, they’re always going to want to offer you and pre-qualify you for
some type of loan. But the bottom line is that’s just one bank, and not
all banks are the same. They weren’t all created equal and they have
different rules.

So, I recommend number one, going to a broker that works with 20, 30,
40, 50 different banks.
Now, they’re not going to work with that many unless they’re a serious
operation doing high volume.
You may want to ask, how many hundreds of millions of dollars’ worth
of real estate do you broker out each year?
If they give you a funny look like “are you crazy that’s a lot of volume,”
that’s not your loan officer likely that can find the right option for you.
Because there are banks out there that work with people that do have
bad report credit.
(After two or three years of paying that mortgage, which may have a higher
interest rate than you want to pay initially, you could always change mortgage
companies. By this time, you will have build-up a good credit rating and
therefore afford to be more selective in the mortgages you could accept. It’s
not an ideal way of getting on the housing ladder but within two years, you will
very likely have accumulated collateral as well as improve your credit score.)

For more information on Mortgage Brokers UK, Europe, Canada and USA,
check the following associations.
UK - Association of Mortgage Intermediaries (AMI)
The Association of Mortgage Intermediaries (AMI) is the
trade association that represents the views and interests of UK
mortgage brokers
Europe - EMF
Secretary General, Launched in 1967, the European Mortgage
Federation is the ... associations and individual mortgage
lenders from the EU Member States.
Canada – CMBA
CMBA provides Canada's provincial mortgage broker
associations with a forum to work cooperatively and better share
resources and information.
USA - NAMB – Association of Mortgage Professionals
Represents the mortgage broker industry in the United States.
Presents the mission and staff, board of directors, member
resources, education and certification
2 - Credit Fix
Second thing I want to talk about is, what do you do if you have bad credit to
actually get it fixed?
How important do you think credit is?
Well, I mean in this day and age, it feels pretty important.
How long do you think it would take to fix your credit?
8 years? But I believe it would probably take at least, maybe a year.
How do you fix bad credit?
By paying your stuff on time.
This strategy really comes down to doing some credit maintenance.

Credit Maintenance
Sometimes we’ve got hiccups, sometimes we’re late on a payment and then all
of a sudden we say, “I’ve got to get serious about qualifying for a mortgage.”
Even if you’re using your credit to buy a lot of real estate (purchases, such as
electronics, cars, etc) the way I have in the past, you’re going to need to do
maintenance; so whether you call it repair or maintenance it’s good to find the
company out there that you can trust.
This is not one of those things where less is more.
You’re not looking for the cheapest program.
You’re looking for a company that has been in business for a really long time,
has worked with thousands of clients and the keyword is 'attorney' (or
solicitor). If an attorney is involved it’s more of a legitimate program and what
they’re doing is they’re using a nice little strategy.
There’s a couple of strategies that I want to share with you.
The first thing is they’re going to challenge the inquiries.

For example, I remember that one time I was trying to qualify for a mortgage
and I found out that my credit had dropped in the last 90 days by 50 points and
I was alarmed.
And when I found out why!
It was because that last couple of months I had been shopping at the Gap, at
JC Penney’s, or wherever and they kept offering me that seductive 10%
discount if I’d use the in-store credit card and applied for it.
Well I didn’t know that every time I was getting that discount to save a few
bucks that I was actually putting out an inquiry and that that would
temporally drop my credit.
(What an eye opener for lot of people to discover that fact?)
In the meantime, click the following image to see the video on how you can fix
any items on your credit report in 5 simple steps >>>

So, the credit repair company I worked with... they challenged the inquiries.
And by law if you send a challenge letter to whatever company did the inquiry,
if they don’t report back within a short timeframe with the response and
whether the inquiry was legitimate or not, then they have to drop it by law
because the credit bureau has to report that.
Now, that’s really good news for you because most companies are not set up
to take those requests seriously so they just kind of fall by the wayside and I
actually saw my 50 point drop go back up 80 points and my credit got stronger,
okay?
(If you live outside the USA, you could contact the Credit Advice Bureau in
your own countries to confirm if this could be the case for your situation.
The one thing is does bring to light is the fact that we never know what is
happening to our credit score when we accept one of the store cards!
Nearly every store offers one.)
Find a good credit repair company.
But here’s the third thing... if you find a broker that doesn’t have a bank that
can give you an option and if credit repair is going to take too long for your
needs, then your third resort is to do seller financing.
#3 Seller Financing (Seller financing! Also called ‘Rent to Own’.)
Seller financing is basically where someone else already has the house that you
want and instead of selling it, they’re actually willing to finance you the house.
Now, that’s really neat because they’re not a bank and they’ve got different
criteria. They might ask for a little bit of a different down payment, they might
ask for a higher payment.
Seller financing is an amazing strategy for actually walking into the house that
you want.

How do you find these?
What you do is you go through the paper, find the house that you want,
typically seller-financed are not presented by realtors. And so, if you have a
“for sale by owner” you can call them up and say …
“Hey, I’m not in a position to buy your house but would you rent it to me or
would you do a lease option and work with me until I can buy it in a couple
years because I’m doing a couple of things with my credit?”
And there’s a lot of people out there that are willing to do that and guess what,
you’ve just negotiated yourself right past the bank by using the person that has
the mortgage, has the bank, and boom you’re right into your house.
Now, here’s the hidden strategy with this really great deal that if you seller
finance yourself into a deal, you want to negotiate it where they’ll actually put
you on title.
Because if you’re represented on title for at least two years then after two
years you can actually refinance onto the house.
Now think about that, you basically back-doored yourself into a super easy
program that most banks will do because if they see you’ve been on title for
two years then they’re going to say well why wouldn’t we let them refinance it.
And qualifying for a refinance is way easier than qualifying for a purchase.
So what’s the big moral of the story?
Listen, if you’ve got bad credit, you’ve got options.
You can get into real estate and you don’t have to wait. If you need to wait or
feel like that would be the best option for you, then just focus on doing some
credit maintenance and some credit repairs and stick with it. That’s the key.
Real estate done correctly is a long-term play, getting into a home, and having
that slice of American dream is really key, so stick with it.

(Disclaimer: The above was narrated text from the following You Tube video
with my own personal points and added contact details for those not living in
the United States. Kris Krohn of Reinvestortv has other excellent vidoes on his
You Tube channel. I highly recommend that you check them out.)
One comment I particularly liked:
"Great advice, Stay away from those card offer rewards!!!!!!
I don't pay attention to those offers anyway!!!!"
* * * * *
In the meantime, there is a related video on how to legally remove negative
items from your credit report in 5 simple steps. Click the image now >>>

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