Is a Private Money Lender For You?
If your credit is not perfect or if you have already been turned down for a home loan, a private money lender -- also known as a bad credit mortgage lender -- may be able to help you. A bad credit mortgage lender is someone who offers bad credit loans. Traditional lenders may be banks, commercial institutions, and other large financial companies. A bad credit mortgage lender usually does not work for one of these large companies. This means that they are not answerable to shareholders or other people who may frown on bad credit loans. Because of this, a bad credit mortgage lender is often able to lend money even to those who don't have perfect credit histories.
If you are currently facing foreclosure, are having trouble paying off your mortgage, or are having trouble finding a home loan, a bad credit mortgage lender who can offer a good-quality bad credit loan may be your best bet. A bad credit mortgage lender can help you with bad credit mortgage refinance on an existing home loan or can help you get a new bad credit home loan.
Is important to compare several bad credit mortgage lenders and several bad credit loans in order to find the one that is right for you. In general, you should also be planning on taking out a bad credit mortgage only in the short term. While you are paying off your bad credit mortgage, you should also be taking steps to improve your credit score so that your credit score is at least 520. Once you have a credit score that is 520 or over, you may qualify for sub-prime rates on a traditional mortgage. This can mean slightly better rates and terms which can save you money.
Lowest Mortgage Rates can help you, whether you want a bad credit mortgage or sub-prime mortgage. Lowest Mortgage Rates offers all the free information and tips you need to make the right decisions for you. Plus, simply by filling out an online application or calling Lowest Mortgage Rates at 1-866-747-0627, you can get free, no-obligation quotes that can help you choose the right rates and bad credit mortgage lenders for you. Lowest Mortgage Rates even has bad credit mortgage lenders competing for your business, so that you can negotiate for the best terms and loan rates possible.
"I never realized how just a tiny quarter of a percent could increase my mortgage by $200 a month or $72,000 over the life of my thirty year loan. By comparing quotes, I was able to get competitive offers and really save thousands of dollars. Thank you for your free, informative and valuable service."
June Hayes - San Jose, CA