Ginko Financial

Being a single mom is never going to be easy however there’s no reason why you can’t look after your kids as well as anyone else.  It’s not cheap buying the many things that a child needs such as clothing, toys, food and a home along with love.  Although love doesn’t have to cost any money, a home does and therefore finding home financing is important.

Being able to manage your money as a single parent is going to see you through tough times because you don’t have a husband or partner to take responsibility.  It will be rewarding and you might even be able to teach your kids about good money management too.  If you are divorced then you need to make sure that the finances of your ex-husband don’t cause you problems when securing a mortgage.  Therefore make sure you have closed down any joint bank accounts, credit cards or other financial commitments.  If your ex has been defaulting on a loan you too out together then this can be bad news for you.

Everyone in America is permitted to have free copies of their credit reports every year.  So if you haven’t taken advantage of this you need to do it now.  Head over to annualcreditreport.com and find out what financial details are on record.  It might be that there are things on there you weren’t expecting and perhaps they have mixed your details with someone else.  This is why it’s so important to know what is on file about you and if there are mistakes you should request them to be corrected.

Having bad credit that is not your fault can really be detrimental to applying for a mortgage.  If you don’t know your credit score and you assume that all is well and good you could end up being declined for mortgages.  This just isn’t fair so don’t stand for it.  Of course, many people do have bad credit which is their fault and this just means you need to find a lender that will lend to those with bad credit.

You will also want to know exactly what your financial situation is in terms of loans you have outstanding.  This will affect how much you can obtain on a mortgage so you might want to find out whether paying off these debts will help with your mortgage application.

There are of course websites that allow you to see what mortgage offers are available but it doesn’t really replace talking with a mortgage advisor who can look at your income, outgoings and other financial commitments.  Everybody is different so what applies to one person might not apply to another.  Another tip when it comes to mortgage loans is that when you are in the process of getting one, don’t start applying for loans, credit cards or bank accounts.  This can be a real spanner in the works so make sure you wait until the mortgage loan has been approved before you start doing anything else.