Why You Should Include a Last Resort Lender On Your Team
If you are a homebuyer or home owner looking to get a new home loan or refinancing on an existing mortgage, you may want to consider what sort of lender would best serve your purposes. Many borrowers go straight to their bank in hopes of a loan, but this is not always the best solution. Banks are often willing to work with those who have perfect or near perfect credit scores. If, like many people, you've had credit problems in the past, you may have a hard time getting the bank to offer you a home loan or refinancing. In these cases, a bad credit mortgage lender, also known as a last resort lender, can be a big asset.
Having a bad credit mortgage lender on your side can make a huge difference. Bad credit lenders or private lenders do not use government agencies in order to secure their loans. Since they do not have to meet insurer’s standards for a borrower, they are often more willing to consider giving even those with imperfect credit a loan. You can often get a bad credit mortgage from bad credit mortgage lenders simply by showing evidence of a steady income, equity, or assets that can be used as collateral for the loan. With this sort of proof that you can pay your bad credit loan, the bad credit mortgage lender is more willing to work with you, knowing that some of their money can be returned even if you default on the loan.
Working with a bad credit mortgage lender is a smart move if you do not have the credit rating necessary to get a prime rate lender to look at your application. A bad credit mortgage lender can be more flexible and can offer you a bad credit loan even when you cannot get other types of financing. Finding a bad credit mortgage lender is easier that you may think. Simply fill out an online application or call Lowest Mortgage Rates today and we can set you up with the best qualified bad credit mortgage lender in your area. We will even get you low mortgage quotes -- free and with no obligation -- so that you can compare exactly how much you stand to save.
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