I am astounded at the number of families, that have experienced these financial hurricanes, and think that they are doomed to renting.
To think of all the hardship one goes through involving these nightmares, and to anticipate having to rent, would just about be the final straw.
The great news is that you don't have to rent if you choose not to. If you prefer to have the peace of mind and security of owning your own home, there is a process titled "Lease With The Option To Purchase".
In a lot of cases, credit was not even pulled, which shows the power involved using this technique to purchase your own home.
I can remember when my credit would not qualify for a mortgage, after a tough divorce.
It was certainly difficult to go from owning a nice home, to being a renter.
I needed to go through this experience I guess, so that I can write about it and perhaps help others.
Enough of that, let's get back to our subject at hand, that being your new home.
Did you notice the word "your" in the above sentence? That's because when you do this type of purchase, you are considered to be an owner, and not just a renter.
One of the basic components to this program, is the fact that a portion of your monthly payment goes toward the price of the home.
This means that if your Lease Option is structured correctly, the down payment requirements for your new lender will be satisfied.
This will take a little bit of time, but it is not unusual to accomplish down payment reserves in about 24 months.
In order to accomplish this quick buildup of equity, the purchase price of the home must be locked into place at the closing.
Coming soon, we will discuss how to set up the paperwork, so that all the benefits of the program are to your advantage.
And all this, by just living in your home and making timely payments.
I have had Moms and Dads actually hug me after we finished the paperwork.
They usually say that without this type of program, they do not know what they would have done.
I am so glad that this is available for all of us.
Well that is about all I can do for this introductory article.
In the next one, we will dive into the "How To" of finding homes.
If you have bad credit or even a bankruptcy in your past history, then you might be concerned about where your next loan is going to come from. It is wise to be concerned. People with bankruptcies and/or bad credit in their credit history are very unlikely to get another loan from most traditional banks. Although it often poses as a problem for people, it is also the blatant truth.
Most of American business runs off a person's credit history. From homes, to cars, and many other business transactions' most of it relies on ones credit.
For example, few people pay cash or even use checks for things like online buying, hotel stays or large unexpected expenses. We rely on credit cards. However, people with bad credit are unlikely to qualify for credit cards. A good, reasonable substitute to credit cards may be a personal loan for people with bad credit. Personal loans for people with bad credit may also help one rebuild and repair their credit history.
So you're thinking, "How do I know if a personal loan is right for me?" To answer this, it is best to evaluate why you are seeking a loan in the first place.
- To consolidate and eliminate your debt. By consolidating your debt, you take all of your existing debt and combine it into one lower monthly payment, repair your previous credit history, as well as pay off all of your debt. This would qualify as a good reason for needing a personal loan.
- To pay for education. If you need money in addition to the funds you have available, grants, scholarships and, student loans, then a personal loan may be a good investment. Considering studies say that better educated people may make significantly more in their life than the less educated, a loan for education costs is normally a good investment. Therefore, a useful personal loan can be taken out to help cover education costs.
- To create goods or a service for profit. If you have an idea for a business and need funds to get it off the ground then a personal loan can be a good investment in your future. However, before applying for the loan, you should always research your idea. People with bad credit can benefit in many different ways from personal loans. Bad credit does not have to be a life sentence to poverty.
Although you may have to do some work to obtain one, personal loans for people with bad credit are out there and widely available. However, it is most definitely worth the effort in order to get the funds you need and dramatically improve your credit history.
Both John Thomas & Jimmy Chuang are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.