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Wednesday, July 20, 2011

Bad Credit

Are you planning to buy a house this year? Are you hesitant because you are afraid of the financial obligation every month? Don't be! This is the right time to buy a property because of the present status of real estate business which is favorable for home buyers. If you have good credit, you will end up paying a low mortgage. But, if you have bad credit, you will be paying higher rates. So, let us explore an option if you are not satisfied with the rate offered by your lender.

You might want to look at buying a home with seller financing which is a viable alternative. Typically, seller financing offers no qualifying, lower interest rate, flexible terms, low down payments and a fast closing. You will want to check with your lender every year or so and see if you qualify for a lower rate by refinancing.

Just remember when you are purchasing a home property, do not get stressed. You have many options open to you whether you have a high credit score or a low one. Either way you can purchase the home of your dreams it will just be under different terms such as interest rates down payments and monthly payments.

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