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A Guide to Getting a Bad Credit Remortgage
There are several reasons why you might be in the market for a bad credit remortgage. You might be wanting to try to lock in a lower interest rate, or perhaps you simply need to use the bad credit remortgage as a way to consolidate some of your...
A No-Brainer Way Of Getting Credit And Credit Cards
What Is Your Credit Rating Now?
If you have any charge accounts now, or have ever borrowed from the bank to buy a car, or if you ar paying on a mortgage, there is credit information on you.
Up until a few years ago, you could only guess at...
Bad Credit Mortgage Lender - What to Look For
If you have less than perfect credit and are looking to get approved for a mortgage loan, be careful not to make some common, costly mistakes. When dealing with sub-prime mortgage lenders or bad credit mortgage lenders, many people are taken...
Know Exactly What Your Credit Score is Before You Apply For Your Financing
If you're thinking about buying a new or used car through
financing you'll want to make sure that you have copy of your
credit reports so that you know exactly what your credit score
is before you apply for your financing.
There are several...
Tips For Finding A Motorcycle Loan With A Better Credit Score
It is common knowledge that motorcycle financing companies' base high importance on your FICO credit scores when approving motorcycle loans. However, what many people overlook is that their FICO credit score can dramatically impact the term on their...
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Home Loans For People With Bad Credit - Tips To Getting Approved Online
Buying a home with bad credit doesn’t have to stop you from finding an affordable lender. By shopping online for a lender you can find the best lending rates for your situation. The following search tips will help you get started.
Gather Your Information
Before you begin searching for mortgage quotes, gather all your financial information ahead of time. A copy of your IRS tax form from last year will list most of the financial information you will need to enter.
If you are buying a home, know the home’s price and how much you plan on putting down. Most mortgage lenders require at least 10% for people with poor credit, but 20% down will help you avoid private mortgage insurance, saving you hundreds a year.
Know Your Lender
Sub prime lenders specialize in high risk loans, particularly loans to people with bad credit. In order to cover this risk, sub prime lenders charge a couple of interest points higher than a traditional lender.
Most sub prime lenders will also require a down payment to ensure that they get at least something if they have to foreclose on the loan. However, legitimate sub prime lenders will not charge excessively high rates or fees, so read the details before you sign for a mortgage loan.
Compare Rates
Online mortgage rates can vary as much
as 5% between lenders, which can add up to thousands over several years. Even half a percentage point will save you money, so compare several lenders before deciding on one.
Mortgage loan websites allow you to gather quotes from several lenders by having you enter your information once. This is a convenient way to compare rates since the quotes are all for the same loan amount with the same personal information.
Look For Fees
Mortgage rates are only part of the cost of a mortgage loan. You also need to add in the cost of points and fees to determine the total cost of the mortgage loan. Fees and points can be paid at the beginning of your loan or over the entire period of the loan.
Follow Through
Remember that a mortgage loan quote does not guarantee a loan rate a week later. Mortgage rates can vary daily, so once you find a good rate you need to lock it in by completing the loan process.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. To view our list of recommended bad credit mortgage lenders online, visit this
page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
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