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Buying A Home With No Money Down or Bad Credit - PMI Can Make It Easier
Private mortgage insurance is an excellent method for homebuyers who have trouble saving money, are short on money, or have bad credit, to get into a home now. Private mortgage insurance is provided by a third party to protect the lender in the...
Credit Cards – What is the “Universal Default Clause”?
Most people who carry major credit cards are well aware that the interest rates associated with them tend to be higher than for other types of lending, such as home or auto loans. Anyone who has paid their credit card bill late more than once or...
Online Gambling Causing Credit Card Debt
It is the latest craze at the moment and everyone seems to be enjoying gambling at home with the increase of poker sites on the internet, but its not good news if you are running up debts on your credit card. I don't know about you but it seems that...
Poor Credit Mortgage Reigns High Among Mortgages Available to Bad Credit Borrowers
Like a big brother keeping notes of the erring behaviour of his younger sibling, credit reference agencies like Experian and Equifax maintain a record of each person entering into credit transaction. While a few instances of arrears are considered...
Unsecured Credit Cards : What's the difference?
There are a lot of terms associated with the credit world. With such daunting vocabulary as variable APR or secured card, sometimes people can get confused about just what a feature of a credit card means.
First, we'll discuss what a secured...
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Bad Credit Mortgage Lenders - Things You Should Know About Subprime Lenders
Interest rates and fees vary between subprime lenders just like regular mortgage lenders. Just because you have bad credit, that doesn’t mean you should accept the first financing offer from a subprime lender. Take the time to do your research, and you can make sure you are getting the best deal in terms of interest rates and fees.
It’s A Service
Subprime lenders take risks that the average bank refuses, namely loans to people with bad credit. As a result, subprime lenders charge higher interest rates and fees to ensure they make a profit even with the higher rate of loan foreclosures.
Compare Online
The best way to compare interest rates and fees of subprime lenders is to go online. You can get a straight answer on rates and fees from a number of lenders by entering your information online. When you are comparing between lenders, remember to enter the same information for each lender so you are getting a quote for the same risk level.
Rates And Fees Vary
Interest rates and fees can vary as much as 5% between subprime lenders. While a few dollars a month may not seem much, over years this can mean the difference of thousands of dollars. You should also compare closing costs and other fees in the financing package which can also add up to hundreds
of dollars.
Apply Online
Once you have compared companies and found the best lender for you, you can finish the process by applying online with the subprime lender. Mortgage lenders will process your information and send out the paperwork for your final approval and signature. The whole process can take a matter of days.
Read Your Paperwork
Whether you are refinancing or buying a home, make sure you know what type of deal you are getting into by reading the paperwork the subprime lender sends. If you have any questions, you can contact the lending company by email or phone. You can also take the paperwork to a lawyer to get their opinion. You should be comfortable with all the terms before you sign.
Online subprime lending companies means people with bad credit can now find reasonable mortgage loans.
To view our list of recommended bad credit or subprime mortgage lenders online,
visit this page:
Recommended
Subprime Mortgage Lenders Online.
About the Author
Carrie Reeder is the owner of ABC Loan
Guide, an informational website with articles and the latest news about
various types of loans.
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