Buying a Home With Poor Credit
Is Easier Than Ever |
By Carrie Reeder |
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Buying a home with poor credit is easier than ever with online
mortgage brokers. You can easily find sub prime lenders, compare
rates and terms, and complete the process on your schedule, not
the banks.
Online Sub Prime Lenders
Sub
prime lenders have moved online to offer their services
nationwide. They finance mortgages for people with bad credit
due to late payments, bankruptcy, or foreclosures.
Financial counselors recommend waiting at least two years to
apply for a mortgage after declaring bankruptcy. But if you have
a large down payment or cash reserves, then some sub prime
lenders will accommodate your situation.
For other people
with poor credit, a down payment is the quickest way to buy a
house. A FICO score over 580 will require at least 5% down,
while lower scores will need a larger down payment.
Compare Rates And Terms
With online lenders, you can
compare rates and terms to be sure you are getting the best home
loan. The easiest way to collect mortgage quotes is to use a
mortgage brokers website that gives you multiple bids from
several different lenders. They do the work of collecting
information for you.
Another alternative is to go to
individual mortgage lender websites that specialize in poor
credit loans. Such lenders will post that they will work with
poor credit on their site. You can request a quote and compare
it with other lenders.
Most lenders offer reduced fees or
points for completing your application online. By using their
streamlined process, they are able to save cost and pass the
savings on to you.
Flexible Scheduling
Flexible scheduling is another benefit of online mortgage
lenders. You can complete paperwork when it fits your schedule,
not the banks. Online applications can be completed anytime,
even at 2 am in your bathrobe. The final paperwork will have to
be signed in front of a notary, but you can easily do that at
any Kinkos or other office center.
You can also readily
reach a customer service representative that can answer your
question, rather than scheduling an appointment to meet with
your designated loan officer.
To view our list of
recommended bad credit home loan companies online, visit this
page:
Recommended Bad Credit Mortgage Loan Companies Online. |
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