Many people will have the experience of facing financial difficulties at one time or another for a variety of reasons. Being a little short of money can result in you falling behind with bills, bank loans, credit cards, mortgage repayments and alike.

This in turn can lead to having defaults, County Court Judgements (CCJs) and even bankruptcy. Even if the problems are short lived they can still tarnish your credit record and make it difficult for you to obtain finance.

There are no accurate figures on the amount of people that get turned down for a mortgage from a high street lender, but it is widely estimated that it is about 1 in 5. Generally this is due to minor misunderstanding and can often be resolved. But even after this it is estimated that one in eight people will not be able to get a main stream mortgage and have to go to a specialist lender.

Why Do People Get Turned Down For Credit?

There are a number of reasons and situations for which someone will be turned down for a mortgage. It may simply be that the applicant has put down some incorrect details on the application form. Another reason might be that your previous landlord did not bother to confirm that you used to pay the rent on time.

Another more serious reason that people get turned down for a mortgage is that they do not have enough credit points. When you apply for a mortgage the lender will carry out a credit check on you. (more...)

Technorati Tags: CCJ, Chris James, money, mortgage

About 99 per cent of the real estate books and courses on the market are directed towards those people who want to make big money buying and selling real estate. This is no big secret. Amazon, Barnes and Noble and ClickBank are loaded with them. If you've just missed the latest "Get Rich In Real Estate" seminar in your area, all you need to do is turn on the tv, flick around the dial and you're bound to find another one coming next week. And their offer will "never be repeated". Sure.

This whole segment is flooded with people making more money selling books and courses than they do by investing in real estate. This should not surprise anyone. Internet marketing is full of the same type marketer.

This is not to say that their methods don't work. Most do. But not every method will work for every prospective investor in every market. (more...)

Technorati Tags: money, Mortgage Insurance

For the past couple of posts, I've been talking about buying your home subject to the current owners' financing. There is no end to the articles and information on this subject that you can find on the internet or in your local book store.

What is usually missing though are the forms needed to actually do the transaction. This has always bothered me. If you pay for a course on how to buy your home with no qualifying, no credit and none of your own cash, why are you not provided with the forms you need? I mean, gee, you paid for the course or ebook expecting it to be complete! Well, one course is complete, and it's one of the least expensive.

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Technorati Tags: money

Home for sale. 3 bdr 2 ? b
Newly remodeled. Lge lot.
No down. Call 555-555-7777

We finance anyone!
Low down, easy terms.
Call NOW! 555-555-7777

Chances are you have seen these ads or something similar. When you checked them out, what were you told? Let me guess.

If you don’t want to put any money down, you have to have a FICO credit score over 700, and the higher, the better. This might have been the first time you ever heard of FICO. And you recently had a couple of small bills that you were late paying. There goes the FICO! Well, maybe there’s another house you can look at.

Nope! The next one wanted you to show proof of income for the last two years and you have been trying to get your business up and running and have been plowing everything you make back into the business.

Wait. Here’s someone that will finance anyone! You’re making good money in your new career and have been doing it for 5 months now. Your commissions have been super! You are leading the crew and you know it will only get better. You’re actually making more now than you did in your last career. But you don’t qualify! You find out that on commission positions, you have to have a two-year track record.

At this stage it’s normal to stop and ask, ‘What’s going on? Can’t I get into any home?’

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Technorati Tags: FICO, money, Motivated Buyer