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Lenders donít charge same rate, so it is best to compare rates and terms. Fees are one of hidden costs of loans, so be sure to add them into total price of loan when comparing prices.
Mortgage websites make comparison shopping easy by sending your request out to several lending companies for bids. You no longer have to rely on local lending companies for offers. With internet, sub prime lenders have become more competitive as they vie for loans.
Read The Terms
Once you find a competitive financing offer, print off a copy of terms and read them carefully. Look for terms that charge a high late fee or several points up front. People with a bad credit history will pay higher fees, but they should not be excessive.
Lock In Rates
After you have done your comparison shopping, lock in rate by completing your loan application. Most mortgage lenders can complete process online, and send out a final copy of paperwork for your approval and signature.
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, an informational website with articles and more about various types of loans.