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Here's a mortgage application for people with bad credit

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People with bad credit often focus exclusively on getting mortgage approval, especially if they've made an offer on a home and have limited time to shop. Under these circumstances, it's tempting to say "yes" to the very first mortgage option offered. This can be disastrous if "yes" is solely based on the initial payment amount. Teaser rates may seem good at first glance, but what will the interest rate be after the teaser period?

Best Mortgage Application for Bad Credit

Unfortunately, the subprime mortgage crisis has caused dramatic changes in the lending climate. Many lending institutions have suffered tremendous losses and as a result have tightened their lending standards drastically, with many even completely refusing to accept subprime borrowers. Whereas it used to be very, very easy to meet the requirements in order to get approved, it is now much more difficult with most lenders. When searching for a bad credit mortgage application, it is important to find one that not only offers the lowest rates, but also has not tightened lending standards to the point that only a tiny percentage of applicants will qualify. At the top of our list right now is giant ING Direct. You can go here for ING DIRECT Bad Credit Mortgage Application. Simply click apply and you will be taken directly to the online  application. They have the lowest rates for borrowers with poor credit, a free and easy online application, and they have not been severely hurt by the subprime mortgage crisis.  They are still approving the majority of bad credit mortgage applications.

You need to be aware that there are many private individuals who have entered into the business of allegedly providing loans to people with poor credit rating. They thrive on offering bad credit mortgages to people who find it difficult to get loans elsewhere. Beware of any non-refundable application fees.  This is often a scam. Also, always make sure that you read all the bad credit mortgage application documents properly to avoid entering into an agreement where the rate of interest as well as monthly payments are astronomically high.

The best type of mortgage is one where there are no prepayment penalties of any kind. There are some bad credit mortgage providers who charge high penalties if you pay off the loan in advance. Some borrowers may have entered into a bad credit mortgage agreement due to temporary shortage of money. Once their financial position recovers, they may want to pay off their loan and end financial obligations that have a higher rate of interest. However, high prepayment penalties will act as a deterrent in such cases. Finding a bad credit mortgage application from a provider with low or no prepayment penalties is therefore the best financial course of action.

For related resources, please also visit:

Bad Credit 1st Mortgage

Bad Credit 2nd Mortgage

Mortgages for Bad Credit

Home Loans For Bad Credit

Refinance Home Loans With Bad Credit

Finally, you may want to visit Mortgage Rates Predictions to find out if now is a good time to apply for a bad credit mortgage application.

 


   
Housing Not Yet At Bottom
 Real Estate continues to lose value. One expert predicted the subprime financial crisis in 2008 and is now calling for an Economic Depression in 2011 -2012. Learn how he is helping others protect and greatly increase their wealth in spite of the financial crisis. Read more>>>
   

Learn to buy real estate for pennies on the dollar in today's depressed market. Click here to watch a 5 minute video for more information.

 
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