Buying a house with bad credit is easier than ever
Real EstateBuying a home with bad credit is easier than ever with online mortgage brokers. You can easily find subprime lenders, compare rates and terms, and complete the process on your schedule, not the banks.
Online Sub-Prime Lenders
Subprime lenders have moved online to offer their services across the country. They finance mortgages for people with bad credit due to late payments, bankruptcies or foreclosures.
Financial advisors recommend waiting at least two years to apply for a mortgage after filing bankruptcy. But if you have a large down payment or cash reserves, then some subprime lenders will accommodate your situation.
For other people with bad credit, a down payment is the fastest way to buy a home. A FICO score above 580 will require at least a 5% down payment, while lower scores will require a larger down payment.
Compare rates and terms
With online lenders, you can compare rates and terms to make sure you get the best home loan. The easiest way to collect mortgage quotes is to use a mortgage broker’s website that provides you with multiple offers from several different lenders. They do the work of collecting information for you.
Another alternative is to go to the websites of individual mortgage lenders who specialize in bad credit loans. Such lenders will advertise that they will work with bad credit on their site. You can request a quote and compare it with other lenders.
Most lenders offer reduced fees or points for completing your application online. By using their streamlined process, they can save costs and pass the savings on to you.
flexible scheduling
Flexible scheduling is another benefit of online mortgage lenders. You can fill out the paperwork when it fits your schedule, not the banks. Online applications can be completed at any time, even at 2 am in a bathrobe. Final documentation will need to be signed in front of a notary, but you can easily do this at any Kinko office or other facility.
You can also easily contact a customer service representative who can answer your question, instead of making an appointment to meet with your designated loan officer.
To view our list of recommended bad credit home loan companies online, visit
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Recommended bad credit home loan companies online.