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Bad Credit Home Financing - Buy a House Even With Poor
Credit
Sub prime lenders come in two groups: reasonable and
unreasonable. Reasonable sub prime lenders offer mortgage
financing to high risk borrowers with slightly increased rates
and fees. Unreasonable sub prime lenders charge several extra
points and excessively high fees. Only through comparative
shopping can you know if a particular lender is offering
reasonable or unreasonable rates.
Compare Rates
Comparing rates is easy through online lender websites. By
entering basic information, you can quickly receive quotes from
several mortgage lenders. These quotes will give you a rough idea
of who offers the most competitive packages. Be sure to add in
fees and extra points when you are considering the cost of the
loan.
Real Quotes
Real mortgage quotes require more information than just the
loan amount and your income level. You will also need to provide
information about your home's location, your down payment, and
other personal information.
After you have compared general quotes, you can request
specific quotes from a handful of mortgage lenders. Online
mortgage applications allow you to do this from the convenience
of your home where you can easily find your financial and
personal records.
Applying Online
Once you have received a quote from a mortgage lender, you can
quickly finish the application process. Some lenders will require
additional information online, but most lenders will simply mail
out the final paperwork for your approval. After the forms are
signed and notarized, you send it back to the lender for final
processing.
Refinance Later
A subprime loan does not have to be permanent. Mortgage
lenders look at the last three years of your credit history when
considering your application. So after making regular payments on
your mortgage and all your other bills, you can consider
refinancing for a lower interest rate. Other ways to improve your
credit rating include paying off credit cards and increasing your
cash reserves.
To view our list of recommended 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 about various types of loans.
MORE RESOURCES updated Tue. June / 06 / 2023
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