Home | Ask Your Question | Mortgage Glossary
Find me a lender for:  
Looking for a Bad Credit Home Improvement Loan By John Mussi

To make needed repairs to your home without the advantage of a good credit history often requires a bad credit home improvement loan.

This loan, designed for people with less-than-perfect credit, uses the equity in your home or real estate and allows you to get the money that you need for repairs and improvements even if some other lenders have said no in the past.

A bad credit home improvement loan is relatively simple to apply for, and usually doesn't require the extra collateral that most bad credit loans do.

Here are a few things that you should consider when applying for a bad credit home improvement loan.

Finding the best lender

Obviously, not all lenders are going to want to issue a bad credit home improvement loan. This doesn't mean that you should take the first offer that you get, though. Shop around at different banks and finance companies, getting a quote for a bad credit home improvement loan from each of them.

This will help you to find the lenders that don't offer loans to people with bad credit, and will also let you compare the interest rates and other terms that the various lenders offer.

This will help you to save some money on your bad credit home improvement loan, which makes it that much easier to repay.

Presenting the best picture

If you're looking for a bad credit home improvement loan, you already know that your credit report isn't going to paint a pretty picture when you apply. While you can't make the mistakes of your past just go away, you can potentially improve the way that you look to the lender you'll eventually apply to by planning ahead a few months before you apply.

Work hard to make all outstanding payments on time, and pay back as much of your debts as you can; this may mean tightening your budget a little so as to get credit card balances down over the course of two or three months, but it can pay off in the end.

Some lenders are willing to be a little more lenient if they look at your credit report and see that you've been making a real effort recently to pay off what you owe.

Try to get at least three months of good payments under your belt before you go shopping for your bad credit home improvement loan (since some creditors only report quarterly.)

Get what you need, not what you want

You may have to ask for a little less than you want when applying for your loan, but that's fine.

Make sure that you can cover all of your major expenses with the loan, committing yourself to pay any excess with your own money.

One advantage of getting a smaller loan is that it's easier to pay back and may have a lower interest rate which means that you can pay it off quickly, and end up with additional good marks on your credit report to raise your score for the future.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author


John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the http://www.directonlineloans.co.uk website.




See Also:

Bad Credit Loans Authenticate What Is Positive About Bad Credit
This might not be the front page news but it is now out in the open! Bad credit is getting loans all kinds of loans. Lending institutions, banks and other financial constitutions are coming forward to provide loans for bad credit. There is a new rescue programme for people with bad credit - bad ... more...

Bad Credit Remortgage Loan: When Bad Credit Plays Mischief With Your Mortgage
Financial difficulties are married to bad credit. It is a tough marriage but can be peaceful with a little bit of counseling. The recommended counseling in case you have bad credit with a mortgage loan is bad credit remortgage. Remortgage is defined as replacing the current mortgage lender with a ... more...

Bad Credit Personal Loans: Breaking Barriers Encompassing Bad Credit
In the phrase bad credit, what is important is - 'credit'. If you get that part then bad credit will no longer pose as a liability. Bad credit is conceived by people as something that will prevent them from getting loans. This might have been true few years back. But the configurations of loan ... more...

Personal Loans for Bad Credit Can Discipline Repercussions of Negative Credit
Bad credit is like an ongoing battle for many loan borrowers. Bad credit has many repercussions for the people when they apply for personal loans. You usually are branded as a bad credit borrower if you have anywhere in your credit history terms like late payments, county court judgments, ... more...


More on bad credit...

Search More Info On:

  • Bad Credit
  • Home Loan
  • Home Improvement
  • Home Loan Lenders
  • Apply For Credit
  • Credit Report
  •  

    Shop For Your Mortgage Now!
    Shop For Your Mortgage Now!

    You'll be re-directed to Top-Lenders.com

    Want to Know Your Rate?
    Get Customized Mortgage Quote Instantly

     
    ExplainingMortgages © 2005 - 2009