Bad Credit Mortgage Lenders in Texas, TX
April 26, 2011
Author: Allison K.Watkins
If you reside in Texas and you are in search of a bad credit mortgage lender, you may still be in luck. You might not be able to find the best mortgage deals out there or even the perfect dream home you’ve always wanted. Those perks are reserved for people who have good credit. But don’t let that stop you from owning your own home.
Will I be charged the Same Interest Rate as People with Good Credit?
No. Your interest rate will be much higher than those who have excellent credit. However, if your down payment is high, your interest rate will be lower and your terms will be much better.
What Should I Pay in Interest if I have Bad Credit?
Bad credit mortgage lenders in Texas should not charge you more than 1-2 percent over the normal interest rate that is being offered in Texas.
Will I Have to Make a Down Payment?
Most bad credit mortgage lenders in Texas will require a down payment if you have a bad credit rating and you are taking a new home loan.
How Can I Get a Better Mortgage Rate?
You can obtain a better mortgage rate by making a high down payment or by taking the necessary steps to rebuild your credit score.You can also look into private lenders as well as, banks, credit unions and other traditional lending institutions.
Applying for a Bad Credit Mortgage Loan in Texas
Strict lending rules in the mortgage industry have left borrowers who have less than perfect credit history sitting on the sidelines, so it may be tougher to find a bad credit mortgage deal in Texas. However, when searching for a bad credit mortgage loan, make sure you take the time to shop around for the best deals and choose your lender with care. The process is not that difficult. However, you will need to provide lots of information and documents to show employment status and your ability to pay back the loan. You will need to show:
- Proof of income
- Bank account statements
- List of current debts
- Income tax statements
Bad credit mortgage loans in Texas are available for people just like you who are suffering from making bad financial decisions in the past. However, the key to finding the best bad credit mortgage lenders in Texas is to shop around until you find the best deal that meets your financial situation.
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