September 25, 2009, Newsletter Issue #186: Using the Internet to Find a Bad Credit Mortgage
Tip of the Week
You can still use the Internet to search for a bad credit mortgage. You will learn of most of the products available to you. Most bad credit mortgages require the same documentation as normal mortgages, but you will learn of any special requirements of sub-prime mortgage lenders. Be careful about applying for a bad credit mortgage through the Internet. Try to determine the estimated closing costs of any loan you consider. Some sub-prime lenders will attempt to take advantage of your credit situation to increase their income. This is only natural but the last thing you need is higher cost to close the loan. Try to deal with a lender that understands your situation and, while they will charge a higher interest rate, at least one to three per cent than current good credit rates, will still give you the mortgage you need without expecting higher closing costs. Compare and examine all Internet mortgage products. If you feel uncomfortable with the information given to you, move on to another source.
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