December 04, 2001
By: Bev Dodd
Mortgage loan with bad credit: Time to move, we can help
Watch out for dual agents when looking for a home before you secure your mortgage loan with bad credit. Mortgage loan with bad credit companies may apply different standards to a credit report so it's a good idea to try and clean it up before you apply. It's not that hard to do. We'll discuss this more below.
With a fixed rate mortgage loan with bad credit the interest rate is fixed for the first several years (the time length again depends on one's specific loan). The interest rate will at some point be adjusted every term afterward for the remainder of the life of the loan. This loan is suitable for borrowers who initially need payment stability, but can afford to pay additional charges in the future, or are planning to move after the stable payment period ends (could vary from 7-10 years).
If you are looking for a home while you are waiting for pre-approval with your mortgage loan with bad credit, beware of dual agency -- that is, an agent, or company representing both the buyer and seller. Legal in many states, dual agency nevertheless comes with an inherent conflict of interest as the agent attempts to fairly represent two opposing clients and collect the full commission. Consider working with a buyer's agent who represents you exclusively (not both you and the seller) and is more likely to work with your best interests at heart. He or she will split the total 5% to 7% commission with the listing agent.
Depending on whether you are applying for an auto loan, a mortgage loan with bad credit, or a loan for business or personal use, different lenders apply different standards to credit reports. For this reason, reading your credit report and understanding how your credit data might be interpreted may give you a chance to improve your credit worthiness from the point of view of a lender.
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