Getting a home loan with no money down and poor credit is feasible.
Fortunately, various lenders specialize in mortgage loans for all credit
types and situations. Sub prime lenders are unique and helpful. Finding
a suitable sub prime lender is easy. If using an online mortgage
broker, you will have access to several lenders eager to offer loans to high
risk applicants.
Sub Prime Mortgage Lenders vs. Traditional Lenders and Banks
Even though several traditional mortgage lenders have begun offering
sub prime loans, a large percentage of these lenders prefer applicants
with good credit scores and large down payments. Fortunately, sub prime
mortgage lenders recognize how difficult it is to maintain a good credit
rating and save money for a home purchase. Hence, these lenders are
willing to take a chance and give people the opportunity to achieve their
dream of homeownership.
If your credit score is above 670, you may qualify for a prime rate
mortgage. This involves considerably low interest rates and lower fees.
Sub prime lenders work with low credit applicants. There are many types
of sub prime lenders. Fraudulent lenders will take advantage of
applicants and charge excessive fees. Those who do not compare lenders may
accept a bad loan. On the other hand, reputable lenders offer comparably
low rates. Additionally, applicants may obtain down payment and closing
cost assistance.
The Quickest Way to Get a Sub Prime Loan
If searching for a sub prime lender, the internet is a valuable
resource. Various mortgage loan companies offer online applications and quick
responses. Getting approved online is simple and convenient. Moreover,
getting multiple quotes from at least four different lenders is
possible through a mortgage broker.
Applicants simply complete an online quote request, and within minutes
a broker will email quotes. Broker quotes afford the opportunity to
make side-by-side comparisons. Each quote includes detail loan information
such as loan terms (15 or 30 years), interest rate (low fixed rate,
ARM, interest-only), mortgage payment, and closing costs. Hence,
applicants are aware of all costs before accepting a loan offer.
After carefully considering the pro's and con's of each offer,
applicants must select a quote and complete the loan approval process.
Carrie Reeder offers advice about
Subprime Mortgage Loan Companies Online.
View our
Recommended Subprime Mortgage Lenders Online.
