This is a fact: if you have a bad credit history, lenders would be indecisive whether to approve your loan application or not. Chances are your loan application will be disapproved. But you should not be disheartened. By following these useful tips you may still be able to own the house you have been dreaming for.

Assuming you have found the house you want to purchase... you have viewed the house and know the asking price. Most lenders would require a 10% down payment from people with bad credit history. You should be ready to pay for this. It would be even better if you can increase the down payment to 20% as this will give you more savings in the end.

It always pays to be ready ahead of time so before you submit your loan application, be sure to have all the financial information and all the other necessary documents needed in filing the home loan. A copy of the previous year's IRS tax form will do as it will have your detailed financial information.

Shop for mortgage lenders. Because sub prime lenders generally deal with high risk loans from people with bad credit history, they charge unusually high interest rates, much higher than the interest rates charged by traditional lenders. To ensure against foreclosures, sub prime lenders require down payments. Although imposition of high interest rates seems to be the rule for sub prime lenders, you can still find some who do not charge exorbitant interest rates.

You can easily compare mortgage rates by logging in to mortgage loan websites. By entering your personal information and the loaned amount, you will be able to get quotes from several mortgage lenders. A difference of 5% in the interest rate will amount to thousands of dollars for the entire term of the loan. This big saving will be realized if you picked the lender with the most ideal quote.

Getting a home loan is not impossible if you have a bad credit history. It can be done. Just make sure that repayments are consistently done. This is one way by which you can rebuild your credit history. In no time you will have a high credit score and poor credit history will no longer be an obstruction in getting any kind of loan.

More info on your stop foreclosure information search:

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