Posted on: 05th Feb, 2006 03:54 pm
i live on the jersey shore, house prices are out of this world,and all the ads that i see in the paper offering mortgage loans to people with bad credit or no money downare tempting me to apply, but i would like to know if they are for real
Hi Hollis
I am aware of those advertisements; I have seen those but let me tell you some important things about it.
You will find many people who are into this bad credit loan business and most of them are there in making common people life more difficult. You will their interest rate too high and lots of additional cost too. However, I am not denying about the fact that there are few good ones too but you have to find them correctly.
I do understand your situation but you have to shop around well before taking any decision. Do a proper enquiry about the Lender you choose and do all your homework before signing the deal.
For any further suggestions, do contact me.
Adonis
I am aware of those advertisements; I have seen those but let me tell you some important things about it.
You will find many people who are into this bad credit loan business and most of them are there in making common people life more difficult. You will their interest rate too high and lots of additional cost too. However, I am not denying about the fact that there are few good ones too but you have to find them correctly.
I do understand your situation but you have to shop around well before taking any decision. Do a proper enquiry about the Lender you choose and do all your homework before signing the deal.
For any further suggestions, do contact me.
Adonis
Hi Hollis,
Welcome to MortgageFit Forums,
It is always a good gesture that you discuss with someone before taking an important decision. A lot of people don’t practice this and this is what leads them into trouble later on.
Adonis is right, since you have bad credit you will get lots of lenders with different offers that will tempt you to apply for the loan. But before you do that make sure that you shop around well because the lenders may charge you higher interest rate. They may also include a lot of hidden costs which they may not disclose in front of you at the time loan application.
Please feel free to ask if you any more queries.
God Bless You,
Thanks,
Samantha
Welcome to MortgageFit Forums,
It is always a good gesture that you discuss with someone before taking an important decision. A lot of people don’t practice this and this is what leads them into trouble later on.
Adonis is right, since you have bad credit you will get lots of lenders with different offers that will tempt you to apply for the loan. But before you do that make sure that you shop around well because the lenders may charge you higher interest rate. They may also include a lot of hidden costs which they may not disclose in front of you at the time loan application.
Please feel free to ask if you any more queries.
God Bless You,
Thanks,
Samantha
Hi Hollis,
I really appreciate that you are worried about the present situation and you are clarifying the doubts. It is true that before taking a loan it is very important to know inquire about the lender properly. There are companies who provides loan with low credit however there may be some hidden costs.
You have not mentioned about credit score. Generally, if the credit score is 620, you will get good lenders. If your credit score is 580 then also you can get good lenders. Do a market survey before applying for a loan.
If you have further queries feel free to ask.
I really appreciate that you are worried about the present situation and you are clarifying the doubts. It is true that before taking a loan it is very important to know inquire about the lender properly. There are companies who provides loan with low credit however there may be some hidden costs.
You have not mentioned about credit score. Generally, if the credit score is 620, you will get good lenders. If your credit score is 580 then also you can get good lenders. Do a market survey before applying for a loan.
If you have further queries feel free to ask.
Yes, bad credit loans do exist. There are several financial institutions which offer mortgage loans to people despite having bad credit. This is I know good news for you; however, you must consider the downside of applying for a bad credit loans. When you get into a contract one, you have to expect that you will be charged relatively high interest rates to compensate for you being a high risk client. If you have the means, you can go right ahead and apply for one but if you don't, I suggest that you work on improving your score first so you can qualify for conventional loans and avoid being buried in debt more due to the high interest rates imposed by bad credit loans.