Continued from page 1
In applying for a bad credit mortgage, ask your lender about costs involved in obtaining loan, length and interest rate of your loan, and ability to refinance at a lower rate down road. Mortgages for people with poor credit are available through many lenders and with a variety of terms and conditions. Bad credit home loans can include a 2/28 home loan or a 3/27 home loan. The interest rate for a 2/28 loan is fixed for two years and fixed for three years in a 3/27 loan. This means that there will be a prepayment penalty during first two or three years of mortgage and that home loan cannot be refinanced prior to that time.
Sub prime lenders will work with any credit score and income level to help you finance home of your dreams at lowest possible cost. Contact several lenders that specialize in mortgages for those with bad credit. There are numerous variations in interest rates and terms offered by these types of lenders. Shopping around for a mortgage lender can save you thousands over length of your home loan, even if your credit is less than perfect.
To see a list of recommended bad credit mortgage loan companies online, visit this page: www.abcloanguide.com/lessthanperfectcredit.shtml. Carrie Reeder is the owner of ABC Loan Guide. It is an informational loan website, with informative articles and the latest finance news.