#mortgage with bad credit
Here’s a mortgage application for people with bad credit
First Time Home Buyer Grants in Every State
Up To $10,000 Down Payment Assistance
People with bad credit often focus exclusively on getting mortgage approval, especially if they’ve made an offer on a home and have limited time to shop. Under these circumstances, it’s tempting to say yes to the very first mortgage option offered. This can be disastrous if yes is solely based on the initial payment amount. Teaser rates may seem good at first glance, but what will the interest rate be after the teaser period?
Best Mortgage Application for Bad Credit
Unfortunately, the subprime mortgage crisis has caused dramatic changes in the lending climate. Many lending institutions have suffered tremendous losses and as a result have tightened their lending standards drastically, with many even completely refusing to accept subprime borrowers. Whereas it used to be very, very easy to meet the requirements in order to get approved, it is now much more difficult with most lenders. When searching for a bad credit mortgage application. it is important to find one that not only offers the lowest rates, but also has not tightened lending standards to the point that only a tiny percentage of applicants will qualify. At the top of our list right now is giant ING Direct. You can go here for ING DIRECT Bad Credit Mortgage Application. Simply click apply and you will be taken directly to the online application. They have the lowest rates for borrowers with poor credit, a free and easy online application, and they have not been severely hurt by the subprime mortgage crisis. They are still approving the majority of bad credit mortgage applications.
You need to be aware that there are many private individuals who have entered into the business of allegedly providing loans to people with poor credit rating. They thrive on offering bad credit mortgages to people who find it difficult to get loans elsewhere. Beware of any non-refundable application fees. This is often a scam. Also, always make sure that you read all the bad credit mortgage application documents properly to avoid entering into an agreement where the rate of interest as well as monthly payments are astronomically high.
The best type of mortgage is one where there are no prepayment penalties of any kind. There are some bad credit mortgage providers who charge high penalties if you pay off the loan in advance. Some borrowers may have entered into a bad credit mortgage agreement due to temporary shortage of money. Once their financial position recovers, they may want to pay off their loan and end financial obligations that have a higher rate of interest. However, high prepayment penalties will act as a deterrent in such cases. Finding a bad credit mortgage application from a provider with low or no prepayment penalties is therefore the best financial course of action.
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