A bad credit history shouldn't prevent you from being able to buy a good home for your family, but in reality, getting a bad credit mortgage can be a bit of a challenge. Even though they are more difficult to find, bad credit mortgages (also known as subprime loans) are possible to obtain if you keep working to raise your credit score, and never give up trying.
Here are a few things to keep in mind when applying for a bad credit loan:
Watch Out For Predatory Lenders
Make sure you apply with a reputable lender. Some subprime lenders try to take advantage of higher risk borrowers by charging unreasonable interest rates and excessive fees. Even with a very bad credit history, it is still possible to get approved for a mortgage without being taken advantage of.
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Limit Your Credit Checks
Most online mortgage loan companies do not perform an up-front credit check. They will usually wait to pull your credit report after you have received a quote and have decided to make an application with that mortgage company.
That means that you can apply to most of these companies for pre-approval without having an inquiry appear on your credit history. If they do not ask for your social security number in the application, they can't pull your credit. If you do get turned down, you can always work on improving your credit score and apply again a few months later.
Compare Loan Companies
Remember, the biggest benefit to using low credit lending specialists is that they will help you to find a number of different quotes from different lenders and mortgage brokers. They will help you to find the best terms and lowest interest rate possible.
100% Financing For People With Bad Credit
Most of these companies will provide you with multiple quotes from one application. You might be able to get approved with one of these sub prime lenders with no money down, that means 100% mortgage loan financing. This is accomplished by using an 80-20 mortgage loan, which uses a combination of first and second mortgages to borrow 100% of the purchase price.
Work With A Mortgage Adviser
Before contacting any lenders directly, anyone hoping to find a bad credit mortgage should meet with a mortgage adviser who specializes in finding mortgages for people with bad credit. New products and rules are always coming into play as the financial markets change on a daily basis. It's better to have a professional working for you, whose expert knowledge can increase your chances of securing a successful mortgage approval.
Look At FHA Loans
You should consider working with a mortgage broker or adviser who specializes in FHA mortgages. The FHA is still one of the best sources of mortgages loans for people with bad credit. These types of loans can be complicated, so it requires a specialist to get you the best possible deal.
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