The best way to get a fair mortgage deal with any lender is to compare all possible options laid for you. Contact local mortgage companies, national and community banks, and also do not forget about the credit unions.
Chances are you are not aware of all the possibilities available in the market, so to learn all possible information it is highly advised to work with a professional local mortgage broker. This expert can learn about your situation, make inquiries about the available options, and then conduct a comparative analysis to find the best lender for you. Keep in mind, however, that mortgage brokers are not obliged to find you the best deal unless they act as your agent under contract. Be ready that you will need to pay a broker’s fee which may be a fixed price or an interest rate.
With a bad credit score, it will be tough to find a lender who will agree to give you money for a home. And those who do might be setting up prohibitively high-interest rates for you. In order to avoid being fooled, use Lender Search List developed by the U.S. Department of Housing and Urban Development to find reliable lenders who also work with FHA loans.
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