A credit rating lower than 620 puts you in subprime territory. When seeking out a subprime lender, a couple of things should be kept in mind.
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Subprime Lenders Know You Are Vulnerable
Subprime lenders know that your credit situation does limit the choices you have, and they will often use this angle to push you into the highest rate possible acting as if you have no other option. Prepayment penalties are often slipped in as well so you can't refinance to get a better rate in the future.
Mortgage Brokers Originate Over 50% of Subprime Loans
In most states mortgage brokers don't have to be licensed. This means some of them have no idea what they are doing. Rates, fees and program guidelines are largely at the mercy of the Broker. This often means you wind up paying much more than you should.
Even With All of the Sharks Out There, Decent Subprime Lenders Do Exist
all subprime lenders are out to get you. There are many subprime lenders that really want to help people in tough credit situations. Research is vital. Get on the web and look into who the lender is and what they have to offer before you contact them. Using a lender that family or friends have had good business experiences with is also a good start to finding a credible one.