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It is reasonable to expect to pay up to five points for a mortgage loan, but any higher and you should be wary. There are always exceptions to this, so use your best judgment and compare companies.
Get Multiple Offers
Mortgage lenders can vary as much as 5% in their interest rates, so you should compare financing packages. The internet has made comparison shopping easy. You can get bids from multiple lenders and read over their offers from comfort of your home.
Read The Fine Print
Once you get an offer from a mortgage lender, make sure you read fine print. Interest rates are easy to compare, but you should also look over fees that are involved which can add up to thousands of dollars. Also, be sure to understand any fees for late or missed payments.
To view our list of recommended bad credit or sub prime mortgage lenders online, visit this page: Recommended Sub prime Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.