Sub Prime Mortgage Lenders - How To Get Approved Online
Below is a MRR and PLR article in category Finance -> subcategory Mortgage.
How to Get Approved for a Sub-Prime Mortgage Online
Overview
Sub-prime mortgage lenders process numerous applications online daily. This digital approach not only accelerates the process but also cuts costs associated with traditional office space and staffing. You might even benefit from reduced fees or interest rates by applying online. Here’s how you can improve your chances of getting approved.
Key Factors for Approval
Sub-prime mortgage lenders have their own criteria for evaluating applicants. Your score affects the rate you qualify for. Important factors include:
- Credit History: Your credit score plays a crucial role.
- Cash Assets and Income: These are evaluated alongside credit history.
- Down Payments: While a 20% down payment is preferred, options like zero down mortgages are available, albeit with higher interest rates.
Choosing between a fixed and adjustable-rate mortgage (ARM) affects how much you can borrow. Generally, ARMs offer lower monthly payments, allowing you to borrow more. Sub-prime lenders also provide interest-only loans and balloon payment options.
Applying Online
Online application forms are straightforward. You'll need to enter personal information such as:
- Name
- Address
- Social security number
If you've identified a property, include the address and asking price. Sometimes, with a loan quote request, minimal information is needed, as financial details are often accessible through databases. The lender will complete the application and seek your approval before finalizing it.
Completing the Process
The mortgage approval process typically takes about four weeks, during which the lender verifies property value and your credit status. An escrow company assists with money exchanges, covering closing costs and points.
You'll need to review and sign the final paperwork. Instead of visiting an office, a notary will be arranged to meet you at your convenience. Once your documents are finalized, funds are generally processed within three days.
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