The Wall Street Journal recently analyzed mortgage information from the top 10 mortgage lenders in the country and determined that 26.8 percent of loan applications were denied in 2010, compared with 23.5 percent in 2009. These home mortgage applications were for refinance loans and for new loans. The Journal’s research shows that among home purchase loan applicants, 19.9 percent of potential borrowers were turned down for a loan, compared with 18.2 percent denied in 2009.

Mortgage lenders and loan approvals

According to The Wall Street Journal, one reason lending guidelines are so strict is that the government entities Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) purchase or guarantee 90 percent of all mortgages being offered today. Those agencies are under pressure to avoid too many loan defaults.

Mortgage applicants having the most difficult time getting an approval are those who have experienced a declining or interrupted income due to unemployment.

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Having a bad credit is not a crime, it is just an indication that things do happen! Lenders understand this fact that is why you can now get a bad credit auto loan to help you buy your dream car. After all, whether your credit is perfect or imperfect should not deny you the pleasure of being behind the wheels. So, what do you need to qualify for this loan?

To begin with, you must be having a bad credit already. This is the reason why the loan is called a bad credit auto loan. A bad credit means that you had made certain errors in your past financial activities. You may have defaulted repayment of some debts at some point in your credit history. However, this does not mean that you start making financial mistakes now just to qualify for this loan in the future. If the discrepancies must occur, let them happen naturally.

The other requirement is a legitimate income proof. You already have a bad credit alright, but do you have the capability to repay the loan amount you are asking for?

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Have you ever wished to drive a car of your dream someday but don’t see the possibility due to financial problems? If yes, then you can be so sure to give your dream a new lease of life by applying for a car loan. This is a type of financing that is usually offered by banks and other financial institutions to their clients to enable them buy cars of their choice and repay it back over a duration of time. They are better known as auto loans and they are very much attractive in terms of their interest rates, repayment period and other general terms that appertain to loans.

All you need to be sure of first is to prove that you have a source of income that can sustain the repayment of the auto loans. Depending on the firm or bank you approach, there are some varying requirements that you must first meet before you are considered for the loan. S

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Writing in Saturday’s Coloradoan, Sara Gilbert, who works in credit counseling, suggested:

While our 2011 Independence weekend holiday generally means families getting together for barbecues and parties (especially with Fourth of July falling on a Monday this year), it also is an opportune time for families to come together to discuss their credit and debt in the second half of the year.

Now, it’s true that all families are different, and that we only get glimpses into how other people interact with their kin. But really? Your blogger is already regarded by his relatives as a cantankerous old bore. If he suggested that an Independence Day barbecue was an appropriate opportunity for a financial-planning seminar, he’d be bombarded with burger buns, assorted garnish and empty beer cans. Come to think of it–and knowing cousin Joe–not all the cans would be empty. Maybe they do things differently in Colorado.

Time for reflection

Of course, the deeper point that Ms Gilbert was making was a valid one.

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