Whats the best way to get a lower monthly payment loan with bad credit?
Whats the best way to get a great mortgage? Going through a broker? A website? Quicken/LendingTree??
I plan on moving within 3 years so is a 3/5 year ARM a good idea?? Balloon? Please help with any information possible.
THANKS
Tags: monthly, What's, Best, Credit, Payment, Loan, LowerRelated posts:
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Cosigner or take steps to improve your FICA score.
The question is, how bad? And, what are the specific reasons that have resulted in the low score?
You probably need to go FHA, based on the info you provided.
Get pre-approved for free, same-day, with no obligation. Choose the loan program/rate/closing cost combination that is most suitable for you. Make sure you have no prepayment penalty, and get everything in writing.
you need to define what bad credit means. Fha is the most liberal when it comes to credit. While I agree with your thinking when it comes to the arm, you need to tread carefully here. In principle, the arm makes sense, why pay principle on something you don’t plan on staying in, what you need to be careful about is pre-payment penalty, that’s where lenders get you. You may have to eat a couple of adjustment payments to avoid paying it. it can range from a couple hundred to a couple of thousand so make sure that if you go the arm route that you are definately moving in 3 years and that you completely understand what, if any, pre-payment penalty there may be, good luck and let me know if I can answer anything else
It really depends on how bad your credit is. Brokers are good if that’s the only way you can get a mortgage because some of them work with companies that take on bad credit people. Otherwise you’re better off sticking with a bank because the interest rates are lower.
If you’re trying to refinance, then you should contact your current mortgage company to see if they can do it for you.
An ARM would be good for you to get a lower rate, but if you don’t move before it starts to vary, be sure to refinance into a fixed rate.
Go to Loan-Com.info. They have a lot of doable, different legitimate offers for bad credit mortgages. They have some good offers available there.
Hi there! Thanks for thinking of us for your mortgage!
Guidelines have changed a lot lately with regards to less-than-perfect credit. However, we do still have many loan options, including FHA, which is a bit more flexible when it comes to credit.
Without knowing more about your situation, it’s hard to say what a good mortgage would be for you. ARMs have really great rates right now, but it’s best to speak directly with a Mortgage Expert who can walk you through the qualification process and let you know exactly what you qualify for.
If you have any specific questions about Quicken Loans, feel free to contact me through our profile! Best of luck.
EDIT: Forgot this part - just so you know, we are a direct lender. We are not a broker and we will lend you the money directly. We do all of our underwriting in-house . Also, we will not sell your information to other sites/companies. When you apply with us, you are only applying with us!
You can consolidate your debt. By consolidating you can reduce the interest rate up to 50%.
You can use credit repair agency to fix your credit - for example this one - http://creditreport.undonet.com - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.
After credit repair you can get the loan with minimal interest rate.