Sub Prime Mortgage Lenders – How To Get Approved Online
Sub prime mortgage lenders process applications online everyday. Processing information over the internet speeds up the process and saves costs on offices and personal. In some cases, you can get a reduction in fees or rates by completing your application online. To get approved on your mortgage, follow these tips.
Sub Prime Mortgage Factors
Sub prime mortgage lenders each have their own criteria for assigning loan scores to lenders. The higher the score you get, the better the rate you qualify for. Credit history is important, but so are cash assets, your income, and down payments.
On average sub prime lenders like to have a down payment of 20% or more. However, they offer a variety of loan terms. You can even get a zero down mortgage, but expect to pay a couple of points higher.
Picking a fixed or adjustable rate will also determine how much you qualify to borrow. In general ARMs have lower monthly payments, so you can borrow more. Sub prime lenders also handle interest only loans and balloon payments.
Online Loan Application Forms
Online loan application forms are...
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