Bad Credit Home Loan California

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Bad Credit Home Loans California

Bad Credit Home Loan California

A bad credit home loan in California is a private loan that is geared specifically towards poor credit borrowers. If your credit history is anything but stellar, you may encounter difficulty when applying for a California home loan. However, there are many options available for a borrower in a situation such as this.

For instance, browsing the internet for lenders and researching their specific policies and conditions will help you find the home mortgage loan suitable for you. Typically, you will need to submit personal information, including credit history, so that the lenders can analyze your situation and give you a reasonable offer.



Bad Credit Home Loan Rates

When you have selected a California home loan package, you will be required to put money down. In most cases, a larger down payment and lower interest rates go hand in hand. A California lender generally ask clients with poor credit to have at least 25% equity in the property to get a loan. The greater the equity, the lower the rates and points will be.

As far as APR, expect to pay between 12% and 15% on a California bad credit loan. In addition, the lender will charge up front points, often between 2 and 6. This is obviously much more than a standard mortgage loan and the reason why most borrowers avoid going this route. However, if it's your only chance of keeping the property, then the hard money road should still be considered an option/

California Mortgage Insurance

You will also need to secure the mortgage so that the lender does that incur a risk when approving you for a loan. This is done through California mortgage insurance. This way, the lender can be reassured that the money he is granting you is protected. The bottom line is that if you have bad credit, a California hard money lender may still provide the financing to meet your current mortgage needs.