Finding a bad credit mortgage lender is easier than you probably think.
Although several lenders and brokers advertise super low rates and
different types of home loans for people with good credit, a variety of bad
credit loans are available. It is possible to get approved for a home
loan with a score as low as 500. Here are a few tips on how to find a
bad credit mortgage lender.
Request Mortgage Information from Credit Unions, Banks, etc.
Even though a large number of banks, credit unions, and other lenders
do not offer home loans to people with poor credit, it doesn't hurt to
inquire about their loan requirements. Some lenders have started
offering a variety of mortgages, including low credit score home loans. This
makes homeownership attainable. Because many traditional lenders favor
prime borrowers, you may not meet some lender's requirements.
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Apply for a Loan with a Sub Prime Mortgage Lender
If unable to get approved for a mortgage loan with a traditional
lender, consult a sub prime mortgage lender and request a mortgage quote.
These lenders are very helpful because they work with a variety of credit
situations. If acquiring a sub prime loan, good credit is not
necessary.
Although sub prime lenders can get homebuyers with poor credit
approved, there are drawbacks to these loans. For starters, bad credit will not
qualify you for prime rates. Hence, a bad credit mortgage loan will
consist of interest rates about two or three percentage points above the
current average. An interest rate increase usually entails paying a
higher mortgage payment.
Using Mortgage Brokers
There are numerous lenders offering sub prime mortgage loans. Prior to
applying, all homebuyers should shop around and obtain several quotes.
Comparing different mortgage lenders and loans is essential to
obtaining the best home loan. Shady bad credit lenders prey on those with few
options. However, having a low credit score does not mean you have to
accept a home loan with outrageous fees and terms.
To avoid being deceived by a dishonest mortgage lender, use an online
broker and obtain multiple quotes from reputable lenders.
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