Mortgage : Home Loans : Refinance : Home Equity Loans

By Louie Latour

If you are an individual with poor credit and are considering a bad credit mortgage from a sub-prime mortgage lender, there are a number of factors you need to consider before applying. Sub-Prime mortgage lenders specialize in bad credit mortgages for homeowners that have credit problems in their past, at a premium price. Here are several tips to help you secure a mortgage with bad credit without losing your shirt.

If you have credit problems in your past many traditional mortgage lenders will deny your mortgage application. Sub-prime or bad credit lenders are the only option for many homeowners. This financing comes with a premium interest rate and higher fees than traditional mortgage loans. The majority of sub-prime mortgage lenders operate honest business; however, there are a number of these lenders that try and take advantage of your situation for their own financial gain.

Predatory mortgage lenders take advantage of their borrowers by charging excessive interest rates and lender fees. They often structure their loans with unfavorable terms including balloon payments or periodic refinancing requirements. The easiest way to spot a predatory lender is to compare offers from a variety of sub-prime lenders and brokers. When you do this you will know what fair interest rates, terms, and fees are for a homebuyer in your financial situation. When you compare loan offers from sub-prime lenders it is important to compare all aspects of the loans, not just the interest rates. Comparing all aspects of the mortgages including lender fees and closing costs will give you the big picture as to which loan is best.

To learn more about your mortgage options including common bad-credit mortgage mistakes to avoid, register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below. Louie Latour specializes in showing homeowners how to ! avoid co mmon mortgage mistakes and predatory lenders. For a free copy of “Mortgage Refinancing: What You Need to Know,” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com. Claim your free guidebook today at: http://www.refiadvisor.com Sub Prime Mortgage What You Need to Know Bad Credit Mortgage

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This entry was posted on Friday, October 13th, 2006 at 2:21 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.