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Guide to Secured Loans
Here is a useful guide to secured loans. A secured loan is a loan that a lender provides on the understanding that a property is secured against the loan. Secured loans are also commonly known as a homeowner loan, home loan or home owner loan. ...
PayDay Loan Online – How Do Online Payday Loans Work?
How online payday loans or cash advance loans work? Online payday loans usually work by first filling out a pre-approval application. 90% of the time, your credit is not pulled. Most payday loans are not based on your credit history, so, even if you...
Secured Loans Guide
Secured loans are becoming increasingly popular due to their flexibility. Basically, a secured loan is one for which you provide some form of collateral in order to cover the amount borrowed in the loan. A secured loan is a loan on which you as the...
Small Business Loans - Business Expansion
Small Business Loans - Business Expansion
It may be wishful thinking to envision business dreams and ideas
without any type of financing. While it certainly can be done,
most business owners find a time where business expansion is
needed,...
The Attractive Tax Break for Home Loans
So, you've decided on the house, you've researched your mortgage
product options, and you know which product you need. Have you
taken into consideration the tax advantages that are being
touted as an attractive benefit of the interest only loan?...
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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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