There are many brokers who now have the capability to arrange subprime mortgages for you. These brokers will help you know matter what your current credit score is to find you financing that will help you to then purchase the house of your dreams.
Yes these people offer an extremely valuable service to you but you still need to be asking them certain questions. This way it can help you to get the best deals possible and as a result help you to save money both in terms of interest charged and how much you will have to repay each month.
Below we take a look at some of the questions that you should be asking before you get any broker to start looking for subprime mortgages for you.
Question 1 – How Are They Paid?
This is a very important question that needs to be asked as it can affect how much you are able to place as a deposit on your dream home. Some of these brokers will need you to make an upfront payment to cover their costs whilst others will get their fees paid by the lender once the loan has been approved.
It is better if you can opt to go with those who want you to pay their fees upfront. This is because they aren’t relying on the mortgage companies to make their money. So at all times they will have your interests at heart and will then work harder to get the best deals for you.
Question 2 – What Are The Fees On The Loan?
When the broker has presented with a rate quote for subprime mortgages make sure that you look carefully that the fees and points. Not only should the APR include the rates but also the fees charged. This is the kind of information that should have been disclosed prior to you signing any contract so you are able to make a real comparison of what you have been offered.