Top 10 Mortgage Companies for Bad Credit
Bad credit is a label that leads most lenders to believe that it would not be a good idea to lend money to this person. Many folks with bad credit just get doors slammed in their faces these days. In the past, there were many sub-prime lenders with plenty of home loans for people with bad credit. However, after the market collapse many of these lenders either changed their practices or went out of business.
Current List of Top Mortgage Companies
Here is a list of the top 10 mortgage companies that someone with bad credit can apply for a mortgage;
- Countrywide Home Loans Inc
- Ark-la-tex Financial Services LLC
- First Magnus Financial Corp
- Premier Mortgage Funding Inc
- First Horizon Home Loan Corporation
- Gmac Mortgage LLC
- Primary Residential Mortgage Inc
- Allied Home Mortgage Capital Corporation
- Bank Of America Na Charlotte
- American Home Mortgage Corp
Finding a Bad Credit Mortgage Loan
Those with bad credit should not be completely discouraged. It’s is a reality that mortgage lenders are not giving loans to those with bad credit. However, this does not mean there is no light at the end of the tunnel for those with bad credit. Mortgage companies are still making loans to those with bad credit.
The Cost of Bad Credit Mortgage Loans
Since people with bad credit are considered risk, a person with credit problem may have to pay a lot more for a mortgage. They will be paying higher interest, higher processing fees, additional service fees, pre-payment penalties and added fees for late payments.
Shopping Around for the Best Mortgage
Even though bad credit mortgage loans are very expensive,you should still shop around for the best deal possible for someone with bad credit. If possible you want to get the shortest term possible because this will reduce overall cost throughout the life of the loan.
Many Bad credit Mortgage lenders can be found with a little research and they have many tips and information on how to finance and refinance when your credit is not so great. These lenders offer information on things a borrower with bad credit should do before applying for a loan.