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Four Tips to Simplify Your Search for a Subprime Lender

November 3, 2016 By Chris

four-tips-to-simplify-your-search-for-a-subprime-lender

The right lender can make a difference between securing a great deal on a loan and not. This is especially true if you have a credit score below 650 due to unpaid debts or a poor credit history.

A huge chunk of people applying for loans today fall under the subprime category. That said, it would not be difficult to find a lender who could assist you with a mortgage or car loan, though you may have less-than-stellar credit.

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To avoid being overwhelmed by all the options presented to you, here are four useful tips for finding the financial institution that’s a perfect fit.

  1. List your requirements

Jot down what matters to you when it comes to choosing a lender. Factors like location, number of years in business, and accreditations with federal agencies all have an impact on how well your relationship with a specific bank or private lender will work out. Remember, you are looking for a financial institution that will genuinely take your needs into consideration. It’s important to find one you feel comfortable with, based on track record.

  1. Do your research

Access to the web comes in real handy with this one. Start with a standard search engine query for subprime lenders in your area. You can then narrow these down based on the personal requirements you’ve written down in Step 1.

  1. Seek and compare

Once you’re down to about three or four options, get in touch with each one via phone or visit their offices in person. Discuss your needs with the loan officer and get a proposal for a subprime loan. Scrutinize each of the proposals you get closely, paying careful attention to fees. You’ll want to have the option to refinance your mortgage at a later time. Excessive prepayment fees could mean being locked in that subprime loan longer than you want to.

  1. Do a character assessment

Observe how a lender talks to you about the loan. Is he encouraging you to borrow more with the promise of low interest rates? This is a red flag, an indication that the lender might be after the profit he can make off of your loan than anything else.

Let us connect you with reputable and established lending institutions in your locale.

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Filed Under: sub-prime mortgages, Subprime Lenders Tagged With: finding a lender, private lenders, subprime borrowers

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When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

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