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| | Many
people find the process of getting a loan to be confusing and, sometimes, a little
intimidating. Our
"Home Loan U" will provide you with some of the information you need
so you know what to expect and how to make wiser decisions. | |
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Credit
Issues
Getting a home loan depends a great deal on your credit
report. If you have great credit, no problem!
But many people's credit
reports are less than perfect. There are two reasons for this:
The
credit report contains inaccurate, detrimental information.
Inaccurate
information is all too common and correcting that information can be a difficult
process. You must challenge your credit report in writing, then the credit bureau
has 30 days to investigate your claim and respond to it.
There is no
guarantee that the creditor will admit they are wrong and that the credit bureau
will correct your report. Proving the information is inaccurate can be a frustrating
process. One of the services Premier Bancorp provides is to help you to correct
inaccurate information so that your credit report reflects your real payment history.
You've had difficulties paying your bills in the past.
If the detrimental information is accurate, there is no legal way to delete
these items. Credit repair companies who claim they can do so are either using
illegal techniques or are scams.
But all is not lost. You may get a
loan even with "negatives" on your credit report. It depends on:
•
The type of negative information
• The number of negative entries
• How long ago the difficulties were
Lenders want to know that you
will repay your loan. If your payment difficulties were caused by a single, catastrophic
event that has tarnished an otherwise clean history, like a medical problem or
the loss of a job, they may take this into account.
It's important to
note, however, that the loan they may offer you is likely to have different terms
than if you had perfect credit. You may need to come up with a larger down payment,
for example, or the loan may be at a higher interest rate.
At Premier
Bancorp, we specialize in getting loans for borrowers with credit issues. We stay
on top of loan programs designed for those with bruised credit, package your application
to present your history in the best possible light, and work hard to get you the
loan you need.
Challenge us with your situation!
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| | Useful
definitions: Credit
Report - A report prepared by a credit bureau about your payment history.
It also contains personal information such as residential history and marital
information. Credit
Bureau - A company that compiles payment histories on individuals based
on information submitted to it by creditors. Experian, TransUnion and Equifax
are the three major credit bureaus. Want
to understand more terms? Visit our Glossary.
It's a great way to become an "informed consumer." | |
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