Your sitting with a mortgage broker you spoke with on the phone. He's sure friendly. He has your best interest in mind. He's here to help YOU.
Great!
Now get up and walk out.
Most bad credit borrowers looking for a mortgage make a critical mistake that costs them thousands of dollars despite their damaged credit status.
That one costly mistake bad credit borrowers make is NOT shopping around for the best interest rate.
Studies have proven that potential borrowers with bad credit simply do not shop for the best deal usually because they get duped into thinking they can't get a good interest rate.
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How much are you, a bad credit borrower potentially getting duped?
Well, a recent study showed that borrowers with lower credit scores (below 680 credit score) were offered rates ranging by as much as 4.25% points. This wide spread in interest rates could equate to hundreds of dollars extra per month not to mention thousands of dollars extra over the life of the loan.
Why does this happen?
Many mortgage brokers (working solely for commission) will convince you, a bad credit borrower, that the interest rate you receive is based SOLELY on credit score.
This is somewhat true, however, other factors like increased income or cash funds can absolutely help equalize your risk profile making your loan a competitive commodity among mortgage brokers.
By not evaluating many mortgage companies you set your self up to predatory lending because you are led to believe your loan is not a competitive commodity - nothing is further from the truth!
So if you're in the market for a bad credit loan learn the 3 key factors in finding a mortgage company for bad credit borrowers - and get the lowest interest possible. (link below)
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