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California Bad Credit Mortgage Lenders

California is one of the best places to live in the United States, and it is no secret. Several of our largest cities are in this one state alone, and people are still moving to California for the great weather, beaches, and culture. With that in mind, one must consider the astronomical cost of housing. The average home in California costs nearly $1 million dollars, which is many times more than the average American’s annual income. This already insane price tag will increase over the years with rising interest rates soaring above 7% in some areas of the country. Therefore, it is more important than ever to obtain a competitive mortgage package when purchasing a home.

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To add to the already stressful process of considering the purchase of a home, we have a stigma attached to the term credit. Many Americans are undereducated about the importance of credit, and it shows. The average American will not qualify for most home loans based on their credit scores. This illustrates the importance of maintaining a good credit history. If you don’t think that you have very good credit, make sure. Obtain a credit report as soon as you read this. The longer you wait could cost you thousands of dollars per year in interest and other costs that are attached to being granted credit from an unconventional lender. These costs are in addition to the high interest rates that people with great credit get, which makes them nearly impossible to afford, especially in California. If you are unhappy with the state in which your credit currently resides, then do a few small things to change it like paying your bills on time each month and not opening up additional, unnecessary lines of credit.

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Many of these “unconventional” lenders capitalize on people whose credit is not perfect, and make a lot of money in the process. This makes it essential to perform extensive research on lenders well in advance of selecting them to be your lender. Begin with larger companies like AMC Mortgage or GMAC, who are industry leaders in California, and in the nation. Both of these companies offer flexible approval standards to allow Americans to get back on track with their credit. If you prefer to go through smaller lenders, be sure to check with former customers or look in an industry newsletter for companies with good reputations.

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