| You can buy a home with a bad credit record; | | | | points paid up front or through the lifetime of the |
| you just need to find the right mortgage financing | | | | loan by the lender. Lenders also make money |
| package. Before you sign up with the first | | | | through points. |
| company that offers you a loan, remember to | | | | It is reasonable to expect to pay up to five |
| research offers to be assured you are getting a | | | | points for a mortgage loan, but any higher and |
| fair deal. | | | | you should be wary. There are always exceptions |
| Know Your Credit Rating | | | | to this, so use your best judgment and compare |
| Your credit score is one of the biggest factors in | | | | companies. |
| determining the points you will pay for your loan. | | | | Get Multiple Offers |
| People with scores between 620 and 800 have | | | | Mortgage lenders can vary as much as 5% in |
| near perfect credit and will have the lowest rates | | | | their interest rates, so you should compare |
| and fees. Scores between 620 and 550 mean an | | | | financing packages. The internet has made |
| interest rate or two higher. 600 is usually the | | | | comparison shopping easy. You can get bids from |
| cutoff point for 100% financing. Scores less than | | | | multiple lenders and read over their offers from |
| 550 mean mortgage interest rates are up to 5% | | | | the comfort of your home. |
| higher with up to five points. Lenders will also | | | | Read The Fine Print |
| require a down payment between 5% and 20% | | | | Once you get an offer from a mortgage lender, |
| You can find your score online along with your | | | | make sure you read the fine print. Interest rates |
| credit report. This is a good time to make sure all | | | | are easy to compare, but you should also look |
| the information is correct on your record. Any | | | | over the fees that are involved which can add up |
| discrepancies should be checked out and | | | | to thousands of dollars. Also, be sure to |
| corrected before applying for a loan. | | | | understand any fees for late or missed payments. |
| Know The Fees | | | | To view our list of recommended bad credit or |
| Arm yourself with information so you will know | | | | sub prime mortgage lenders online,visit this page: |
| what are reasonable fees for your type of loan. | | | | Recommended |
| Mortgage brokers are paid for their work through | | | | Sub prime Mortgage Lenders Online. |