What is the Price you are already paying for Bad Credit?   <<- BACK HOME << >>BACK HOME ->>> If you are making payments on a car, you are probably paying between $5,000 and $9,000 more in interest just for having bad credit. This added interest shows up every month in a higher payment. Credit Status Rate Payment Over 5 years Monthly Cost of Bad Credit Perfect 10% $424.94 $0.00 $0.00 Mildly damaged 14% $465.37 $4,722.54 $76.17 Damaged 20% $529.88 $8,593.30 $138.60   Bad credit in auto financing can really hurt, but it is nothing compared to the cost of bad credit when a home is involved. A typical home can cost between $50,000 and $130,000 more in interest if you are buying the home with bad credit, as indicated below. Credit Status Rate Payment Over 30 years Monthly Cost of Bad Credit Perfect 7% $655.30 $0.00 $0.00 Mildly damaged 9% $804.62 $50,155.24 $139.31 Damaged 12% $1,028.61 $130,791.63 $363.30   If you are looking to make a major purchase in the next 6 to 12 months you should obtain copies of your credit reports from all three credit agencies ASAP. You can learn more about obtaining and reading your reports as well as a variety of ways to dispute negative information by ordering your copy of "Give Yourself Credit". Tips for Loans <<- BACK HOME << >>BACK HOME ->>> Items you may need to get a Loan You will need to bring a Legal description of the property.... the Contract to purchase the property.... supply your Choice of closing attornies.... Address of employers.... Previous landlord's name and address.... *** if you lived there 2 years.... Previous employer's name and address.... *** if you have been employed by your current employer less than two years.... All of your checking account numbers.... All of your savings account numbers.... All of money market account numbers.... Loan numbers for all loans, you may bring name and address of lenders and Monthly payments & balances on all loans.... Bring all credit card account numbers, balance, and monthly payments.... Any Monthly payments on real estate debt.... Monthly income on investment property Copy of divorce.... Two years taxes if self employed.... Year-to-date taxes if self employed.... Two years' tax returns if self employed or also if 5% or more of your income is received from investments. W-2 and current paystub.... W-2 and current paystub if self-employed Bad-credit-second-mortgage-refinance-loans.com Copyright © 2000, 2001, 2002 Bad Credit Mortgages was Last Update JUNE 17, 2002