Buying a Home With Bad Credit - Tips on Finding the Right
Broker or Lender
You can buy a home with a bad credit record; you just need to
find the right mortgage financing package. Before you sign up
with the first company that offers you a loan, remember to
research offers to be assured you are getting a fair deal.
Know Your Credit Rating
Your credit score is one of the biggest factors in determining
the points you will pay for your loan. People with scores between
620 and 800 have near perfect credit and will have the lowest
rates and fees. Scores between 620 and 550 mean an interest rate
or two higher. 600 is usually the cutoff point for 100%
financing. Scores less than 550 mean mortgage interest rates are
up to 5% higher with up to five points. Lenders will also require
a down payment between 5% and 20%
You can find your score online along with your credit report.
This is a good time to make sure all the information is correct
on your record. Any discrepancies should be checked out and
corrected before applying for a loan.
Know The Fees
Arm yourself with information so you will know what are
reasonable fees for your type of loan. Mortgage brokers are paid
for their work through points paid up front or through the
lifetime of the loan by the lender. Lenders also make money
It is reasonable to expect to pay up to five points for a
mortgage loan, but any higher and you should be wary. There are
always exceptions to this, so use your best judgment and compare
Get Multiple Offers
Mortgage lenders can vary as much as 5% in their interest
rates, so you should compare financing packages. The internet has
made comparison shopping easy. You can get bids from multiple
lenders and read over their offers from the comfort of your
Read The Fine Print
Once you get an offer from a mortgage lender, make sure you
read the fine print. Interest rates are easy to compare, but you
should also look over the fees that are involved which can add up
to thousands of dollars. Also, be sure to understand any fees for
late or missed payments.
To view our list of recommended bad credit or sub prime
mortgage lenders online, visit this page: Recommended
Sub prime Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an
informational website with articles and the latest news about
various types of loans.
MORE RESOURCES updated Tue. April / 13 / 2021
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One of the most important steps in the home buying process
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