If you are like many home buyers who purchased a house before the real estate bubble burst, you may find yourself paying high interest rates on a home that has depreciated significantly in value. On top of that, because of these recessionary and economically troubled times, you may have had the misfortune of putting some bad marks on your credit history.
Looking for Relief
In light of all this, you may be looking for some relief on your monthly housing payments and therefore are considering remortgaging your property. Basically, a remortgage is replacing your current monthly obligation with a new one that better reflects the worth of your home, gives you a better interest rate, and makes for less of a negative impact on the monthly household budget.
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Check Your Credit Reports
If you are going to be approaching lenders with the goal of a remortgage, you better have a good idea of how they see you as far as being a borrower. What does your credit score really look like? By law, you are entitled to have a free credit report given to once a year. Take advantage of that so you have a insight on how potential lenders see you.
Discrepancies Cleaned Up
As with anything having the human touch, you should scrutinize your credit history. You have to understand that minimum wage date entry clerks, or machines, are responsible for putting accurate information into hundreds of credit reports a day. The probability of erroneous information is high. If something shows up, you need to get on the phone or write certified letters to the credit agency regarding those inaccuracies.
Pay Down Debt
After examining your reports and you realize you still have a lot of marks against you, it is time to start paying that stuff down. Start with the outstanding discrepancies and then start working to pay off your present debt, usually credit card debt. As those amounts start to decrease, your debt to income ratio will start to portray you as someone interested in keeping their finances in order.
Get Small Loans
Another way to make yourself more appealing to lenders is to take out some small loans that you can easily repay. Some folks have even approached payday or cash advance lenders, borrowed money, put the cash safely away, and then used it to repay the loan. All with the intent of putting good marks on their credit histories.
Do Not Give Up
If you are persistent about cleaning up your credit history and if you are persistent in approaching lenders, you will eventually find a lender who is willing to offer you relief through a remortgage. Aside from finding a lender who is willing to lend, you need to find a lender who is willing to work with your by offering you better interests than what you are experiencing and monthly payments that fit your household income and budget.
Lenders actually look at both your credit rating and your debt to income ratio when processing your application. With a favorable debt to income ratio, you may be able to land that remortgage and improve your chances of getting a better rate - even with bad credit.
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