Buying a Home with a Poor Credit Online is Easier than Ever

Buying a Home with a Poor Credit Online is Easier than Ever

Nowadays there are many possibilities to get a mortgage loan for people with less than perfect credit. One of them is the Internet. You can easily access sub prime lenders online, compare quotes, rates, terms and fees and make your decision.

Doesn’t matter what was the reason for your bad credit – was it late payments, bankruptcy or foreclosure – you probably should wait for at least two years after declaring bankruptcy before applying for a mortgage. However, if you can put significant down payment right away some sub prime lenders will probably accommodate your situation.

Approximate sum of down payment depends on your FICO score. People with score over 580 will need to put down about 5% of a home’s price. Score lower than that will probably require a larger down payment.

Online mortgage brokers collect all the information for you so you can choose the best mortgage loan possible. All you need to do is to go through multiple bids on broker’s website, select several quotes from different lenders, compare the rates, terms and fees and then select the one that suites you the most. There are lenders on the web who specialize in poor credit loan (this information is easy to notice on their websites). Request a quote and compare it with other ones that you have got.

Another good thing about online lenders is that since they are working with many customers on the web, not only the ones from their neighborhood, they usually can offer you lower rates and fees. Flexible schedule is another benefit. You can fill in all the forms you need whenever and wherever it is comfortable for you. However, the final paperwork will still have to be signed in front of a notary, but that is easily done in any office center. You can also reach customer service any time you need without scheduling an appointment with a loan officer.

© 2010, Jericho Mortgage — Buying a Home with a Poor Credit Online is Easier than Ever