Some people think that they have a poor credit score

With a bad credit rating, your chances for a housing loan approval may be extremely slim. Those with a poor credit score may either have to pay a higher rate of interest or have to face loan rejection by the financial organization altogether. Moreover, there are constant threats of falling into the trap of deceitful money lenders who provide financial assistance to innocent/ignorant applicants under false/tricky pretexts and mint money through huge penalties or fees that come with the bridging loan amount. Several borrowers have landed themselves in grave trouble by becoming victims of such dishonest money lenders. It is therefore recommended for people who require funds for purchasing a residential property, to be fully informed about various loan options that they can explore in spite of having a bad credit score.

Some people think that they have a poor credit score while others actually do. It is therefore expected to check your individual credit report by having a detailed look at the same, especially before applying for a home loan. If your score is between 760 & 850 you would be charged a low interest rate, whereas those whose scores fall between 620 & 639 would have to bear higher rates. Those with a poor credit score are recommended to improve their rating before applying for a home loan. This can be done by paying off all debts & liabilities within your credit history like personal loans or credit card bills, if any. Maintain your personal finances by creating a monthly budget for calculating & arriving at a minimum amount to be paid towards your mortgage.

Try to arrange for a lump sum amount for making a large down payment for your home loan. Always remember, that a substantially large down payment will allow the terms & conditions attached with the loan to be much lenient and convenient in terms of low interest rates regardless of having a poor credit history. In addition to this, a huge sum of down payment will also help in gaining some amount of the initial trust from your lender about your financial capacity to make timely repayments.

Be financially prepared to bear the charges of a high interest rate. Those who indulge in financial planning beforehand hardly have to face any hassles while paying the monthly installment.

Be informed about various aspects of home loans pertaining to the interest rate, extra charges, penalties, fees etc. of the loan amount that is offered to you. This would eliminate the chances of falling into the dangerous financial traps of dishonest money lenders.

You can also try to convince any of your family or friends with a good credit score to co-sign the loan papers along with you. A good credit score of someone who signs the loan papers with you would certainly impact positively, in terms of improving your chances of approval for home loan.

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