Poor credit doesn't have to put you at a disadvantage in the home buying process. By getting a pre-approved mortgage, you can find low rates and increase your negotiating power when you buy a home.
Before You Shop For A Home
Before you begin home shopping, take a look at your budget. Develop a plan for your monthly mortgage payments and your down payment amount. The larger your down payment, the better rates you will find. With your budget numbers, you will know what type of mortgage you can afford.
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Also take the time to review your credit history. Address any errors on your record with your creditors. You can also include a letter explaining any extenuating circumstances, such as illness or job loss, for missed payments, bankruptcy, or other issues. Lenders will verify such information and take it into consideration with your loan application.
Shopping Lenders
Just like with a home, you want to shop with different poor credit mortgage lenders. Compare their APR to find the best deal on rates and closing costs. You can request free quotes that will give you a general idea of loan costs. Start with conventional lenders since most handle accounts with poor credit, then check out subprime lenders.
You may also want to check out a mortgage broker sites. They bring you quotes from several different lenders to find the best deal. Brokers receive a finder's fee from these lenders, but they also negotiate better deals.
Getting Pre-Approved
Start the application process with the lender with the best APR. When you submit your detailed financial information, they will quote you a more realistic rate and the maximum you qualify. You don't have to borrow the full amount, so base your decision on your budget figures.
Before the loan closes, you will have to purchase a house. You can request a letter from lenders stating the amount you qualify to borrow. This can close the deal in some cases, especially when the seller wants to get out of the house quickly. You should also notify your real estate agent about your pre-approved loan so they can use it in negotiations as well.
Your mortgage will quickly wrap up once you have selected a home. Your agent and lender will walk you through the final steps, including signing all those loan documents.
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