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Articles: Real
Estate - Buying Homes with Bad Credit
By Carrie
Reeder
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 own, 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 broker’s 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 Kinko’s 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 a list of
recommended bad credit home loan companies online, visit this page:
http://www.abcloanguide.com/lessthanperfectcredit.shtml
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