Your Bad Credit Mortgage Options

If you have bad credit and you are thinking about buying home, it is important to figure out if you are going to qualify for a bad credit mortgage. It’s a good time to think about buying, if you have your financial house in order. Interest rates are really great right now and that includes bad credit mortgage rates.


Estimated Amount To Come Out With Your Initial Fund?

The first question to answer is do you have a down payment? Most lenders won’t talk to you, these days, unless you’ve got 15 or 20% of the home’s value as a down payment. The next important thing is to know your credit score. It can be in the 500s and you may still qualify for a loan. Knowing your credit score will give you some sense of how much of a down payment you need, as well as how much house it’s likely you’ll get a loan for.

 If you have a house and bad credit and you are thinking about refinancing, bad credit refinance is also an option. You need to evaluate the idea of refinancing your home very carefully. Even if you had great credit, it’s not a decision to make lightly. You need to ask yourself two important questions: First, are you going to stay in this house for more than five years? If you plan on moving in less than five years it makes no sense to consider bad credit mortgage refinancing. With the time and the money it will cost to go through with, the refinance costs will not be recouped in less than five years.

Should You Go for 15 or 30 Year Mortgage?

The second important question to answer before you decide to refinance is this: are you back to a 30 year mortgage? Many people, in order to lower their monthly mortgage rate, will opt for the refinance at 30 years. While this might be smart, you need to know what you’re signing up for. Is it worth a lower monthly mortgage payment to find yourself with 30 more years left to pay on your house? Is your income likely to improve in the short run? Do you have other options? Answer these questions honestly in order to decide on the right course of action.

If you have bad credit that’s an indication of one of two things either you have money management problems or you have an income problem — or both. If you have not been successful and managing your finances than a mortgage or refinance is only going to highlight these problems. If you have an income problem, it’s crazy for you to think about buying a home or staying in your current home. If you cannot afford the home you have currently, you need to make the tough choice to give it back to the bank and find an apartment.

For mortgage, you may take a look at the loan review of Costco to get some insight before applying for your loan.

Starwood Preferred Guest Credit Card Review

The Starwood Preferred Guest Credit Card is a rewards based credit card aimed to travelers to help them save money on hotel accommodations worldwide and is provided by one of the largest companies in the hospitality industry. Starwoods Hotels and Resorts Worldwide has more than 900 properties worldwide -- including resorts, hotels and residences and the it employs almost 150,000 people. The card is offered in partnership with American Express, one of the leading credit card companies in the world, and the card is available in different countries, including the US and Canada.

What does the Starwood Preferred Guest Credit Card offer the customer?

As with any rewards credit card, this card is aimed primarily at those who regularly travel -- not only does it have the entire property list of Starwood hotels and resorts, but there is also rewards to be earned and redeemed with over 300 airlines across the world. Like every reward card, you get points for every dollar spent -- for every dollar you spend using the card, you received 1 Starwood point. These points can be collected a redeemed, such as an example when you reach a dollar value of $40,000 worth of purchases on your card in a year, you received a free weekend night stay at  Starwood hotel. These hotels are often luxury accommodations.

Not only does the Starwood Preferred Guest Credit Card offer points to be redeemed for discounted or free hotel accommodations and airfare, but it also offers other benefits such as the chance to get tickets to various show, concerts and events by advanced notice and being able to obtain prepurchased tickets. Since the card caters to travelers, it also offers all the travel insurance one could imagine with trip cancellation, medical and car rental insurance.

The card also has a business credit card option and this gives all of the exact same benefits to the customer, including benefits catering to small and independent businesses such as disability insurance and protects against the misuse of the card by company employees.

Who should get the Starwood Preferred Guest Credit Card?

The simple answer to this question is for anybody whop regularly travels, especially for business purposes. Not only does it greatly benefit the person who is traveling on behalf of their company -- staying at various hotels nationwide or worldwide and regularly traveling by air, but it also benefits the person traveling for their own business purposes and using the credit card to make business purchases. All purchases will collect points and be able to be redeemed towards further travel.

The card is also useful for the person who regularly travels for personal reasons, such as pleasure and visiting and who will be putting large dollar amounts for purchases on their card. If the person is making substantial purchases throughout the year, and travel is a large part of their life, this is a good card to use.

The Starwood Preferred Guest Card is aimed at all travelers, business and personal, and is meant to reward them for all purchases made on the card.

P/S: If you love to go shopping without having to take a lot of cash with you, you can consider apply for Sam's Club credit card which can be a great choice for you.