The terms of a mortgage or loan depend on:
How much was loaned;
The rate of interest;
The type of rate (whether it's fixed or changes);
The loan's term, which is measured in years;
Rate of discount for X years;
Deposit (downpayment);
Fees that go along with the loan (broker, origination, prepayment, etc.);
Taxes on the local or national level;
The lender will ask for insurance.
Searching on the internet is the best way to find a subprime lender. You can find and compare different lenders on the Internet so you can get the best rate. Don't spend too much time comparing APRs and special offers, because what you see on the site might not be what you get if you apply. Everything depends on how much money you have.
What's your credit score?
What is your credit score? This is how the lender who knows you best rates you.
How long have you had a bank account?
How long have you worked where you are now?
What do you make a year?
What debts do you still have to pay?
How much do you spend each month?
Do you have enough cash for a big down payment?
This last point is very important. If you can save up 15–20 percent of the price of a home as a down payment, you become a much more desirable borrower.
Why?
Because if you don't pay, the lender can always sell the house, take a loss on the price, and still make a profit because you already paid a lot of money for it.
TIP: Only give upfront fees to lenders who are well-known or come highly recommended. Even though most lenders are good, you should always be careful.
If I wanted to find online mortgage loans, I would look in more places. What would you like? Money. How can I make more money? By:
- Finding a second job or hobby that pays;
- By begging friends or family for money;
By selling something you don't need, like a flashy car;
- Changing to a job that pays more;
By saving what you already have—no vacation, quit smoking and drinking for a while!
It's a small amount of trouble at first compared to worrying for years about monthly mortgage payments that are hard to make. Money problems and sex issues can really strain a marriage or relationship. The second one is easy to fix, and the first one isn't too hard either. Having an extra $100 in beer coupons every month can make all the difference.
A Privacy Policy should be on every online mortgage site. What will they do with your information once they have it? In reality, you are on many databases just by being alive. You can make the cold calls less annoying by saying "I'm sorry, I don't want any financial products right now, thank you, and good day" and hanging up after four seconds. Puts them in a bad position. Polite, but quick and to the point.
The age of a mortgage website is something to watch out for. Is it something new, or has it been around for a long time? Another thing to think about is whether or not it has a real-world address: Suites or P.O. boxes don't count. Is the Financial Services Authority in charge of them? Do they have a licence to lend money to people?
