Revamped Bad Credit Home Finance
If you are looking for a loan to purchase a home but have bad credit, you may have a few options. Although there are fewer lenders offering bad credit home loans than before, you can still apply for one. While applying for one of these loans could damage your credit, it can also be very beneficial for the economy, since homeownership provides stability to the economy. The government has stepped in to help borrowers with low credit scores get loans.
LendingTree
LendingTree is a new way to borrow, originating loans from individual investors, small businesses and traditional lenders. The website has processed millions of inquiries since its inception, meaning that they have a wide network of lending sources that can help you find a mortgage. The process is easy and takes 15 to 30 minutes, with only a few questions that are unique to each application. Once you have selected your loan purpose, you can enter your personal details and credit score to find lenders who can approve you for a loan.
The site claims to submit your application to multiple lenders and brokers, contacting you within five to 10 minutes. The lenders and brokers are paid to persuade you to choose their deal. However, a large number of inquiries over a 30-day period can negatively impact your credit score. The LoanExplorer page on LendingTree offers current quotes without identifying the user. Although the site has many pros, there have also been a few cons.
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