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Louisiana Bad Credit Mortgage Lenders

In the wake of hurricane Katrina, homeowners are noticeably concerned about the resources available to them in the event of a natural disaster. Will my mortgage company offer me the time and resources necessary to recover from this devastating natural disaster? Will they understand what has happened to my home? Many of them will. In fact AMC Mortgage gave its customers deferred loan payments for the months of September and October. They also waived any late fees associated with the time that it took to recover from the horrendous event.

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There are many mortgage companies like E-loan and Ameriquest who will also be there for you when other companies will either charge you inflated interest rates and fees, or when you will not be approved for loans from other lenders. Many of these larger companies are recognizing the demand for resources for individuals with bad credit. It is becoming increasingly more obvious that borrowers are not all going to have completely perfect credit. Get a credit report. This is the most important document in the entire home purchasing process. Your loan will be determined from this one document. In the event that your credit is not the best, begin to take control now. Pay your bills on time each month, and do not get any additional credit cards. This will show how serious you are about investing in a home, and it will improve your credit score, which will allow you more access to more lenders and better interest rates. Your credit will improve over time as long as you stay focused on improving it. Try not to fall behind on payments, keep the lowest possible balance on all of your open accounts, and do not make any large purchases. This will free up a lot of credit that you already have, and it will drastically change the appearance of your credit report.

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Be sure to be cautious of any lender that is not a familiar name. Many of these companies are sharks who feed on people whose credit is questionable. They force these individuals to pay way too much for their mortgage loans. Bad credit does not mean that you are rich, so you shouldn’t have to pay too much for a mortgage. Especially since there are may resources available to you. Take the time to improve and research. You will not regret it.

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