Monday, July 23, 2007
Bad Credit Loan
... or a receiver, bankruptcy trustee, or assignee having ... loans with bad credit. bad credit banks. bad credit personal loan. bad credit unsecured credit ...
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If you have bad credit record against your name, you can get your loan approved by a bad credit mortgage lender much faster than you would if you approached a bank or a credit union. For this, you have to pay the price. Also, you will end up with high rates of interests and high closing fees.
While this is inevitable, it can be worth your while to look for a lender who has the most suitable terms for you to give you a good deal. Spend time to contact a few sources to compare rates. A pre-payment penalty can accompany some bad credit loans on mortgages and it would be wise to ensure that you are not landed one. If you cannot avoid the prepayment penalty, look for a loan that has the shortest period. This will enable you clear your loan and avoid the penalty.
The bad credit lender's market is huge out there. So much so, even for someone who has filed for bankruptcy, it is not difficult to find a lender who can give him or her a bad credit loan on mortgage. Terms of credit obviously differ and can be strict, since bad credit loans involve extra effort and involve a bigger risk for the lender. If your credit history is very poor, it is better to talk to mortgage experts who can study your situation and advise you about an effective solution, even finding you a full mortgage.
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