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 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 our list of recommended bad credit home loan companies online, visit this page: Recommended Bad Credit Mortgage Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
Here is a useful guide to the different types of... Read More
It's very important, and in my opinion, mandatory to have... Read More
When you are hunting for a mortgage, you will find... Read More
A secured home loan differs from an unsecured loan in... Read More
If you watch enough late night television, you'll see advertisements... Read More
"The ache for home lives in all of us, the... Read More
With so many lenders out there, it can be hard... Read More
Online mortgage companies make refinancing convenient and competitive. By researching... Read More
Most home owners know that the lower the interest rate,... Read More
Fixed Rate Mortgages: These loans have a fixed rate of... Read More
Homeowner - does this term catch your attention every time... Read More
Buying your first house is always a difficult time. There... Read More
'Flexible mortgage' is a term that's used a lot, but... Read More
If you're thinking about taking out a home improvement loan,... Read More
A reverse mortgage is a certain loan that allows the... Read More
Imagine an adjustable rate mortgage that allows you to pick... Read More
Refinancing your mortgage is one way to rebuild your credit,... Read More
Applying online for a mortgage is very fast and easy.... Read More
Real estate lenders now offer mortgage loan quotes and application... Read More
Closing on a property is a very challenging time for... Read More
An adjustable rate loan, most simply stated, means that your... Read More
The market for mortgage refinancing has been brisk during the... Read More
If you have a recent bankruptcy on your credit and... Read More
A pre-approved mortgage is a must in a competitive housing... Read More
If you are looking to refinance in New York, it... Read More
If you're looking for the best home improvement loan for... Read More
Anyone planning to take out a mortgage for the first... Read More
Refinancing your home is a major decision not to be... Read More
Do you know what it takes to qualify for mortgage... Read More
Using a home equity loan to get out of debt... Read More
The search for quick homeowner loans can seem futile at... Read More
Once you have made the decision to buy a home... Read More
Anyone who borrows money is always looking for the cheapest... Read More
Most people probably assume that obtaining a mortgage to purchase... Read More
Commercial mortgages are similar to residential mortgages. Usually taken by... Read More
Have you ever heard of a mortgage broker before? If... Read More
When going to refinance or get a mortgage loan quote,... Read More
A mortgage is a loan you take out to buy... Read More
In the US today more households have mortgages than ever... Read More
Searching for a mortgage refinance company can be a daunting... Read More
When you are hunting for a mortgage, you will find... Read More
When it comes to firsttime home buyer loans, a little... Read More
It can happen to anyone, the roof is leaking, the... Read More
If you think you have good credit, think again. Chances... Read More
With mortgage rates continuing on a downward trend, the competition... Read More
A remortgage can be used for the purpose of gaining... Read More
The term 'mortgage' is assumed really controversial by people when... Read More
For the last two years, interest rates have been much... Read More
Your goal is not only to find the best rates... Read More
Money is like music, if managed well, produces a good... Read More
You're selling your home and are looking to relocate to... Read More
The prospect of mortgage debt elimination is something that many... Read More
What the average homeowner or home buyer fails to realize... Read More
Mortgage would have never happened, had mortgages been a no... Read More
Interest rates are at an all time low, making now... Read More
Owning your dream home need not just be a dream.... Read More
Are you one of a growing number of people planning... Read More
When a mortgage broker asks a borrower to pay points,... Read More
The most basic distinction between types of mortgages that are... Read More
Getting home loans is possibly the biggest step in an... Read More
The process of obtaining a mortgage or home loan can... Read More
How much interest are you earning on your home equity?... Read More
There are many mortgage products available on the market today.... Read More
Looking for the best homeowner loans can be stressful, especially... Read More
Buying a home remains the great American dream. Home ownership... Read More
You are comfortably wedged in a mortgage deal, paying the... Read More
Mortgage Refinance |