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Home Loans for Single Mothers

By Edited May 30, 2015 2 1

If you are looking for a home loan for single mothers, know that they exist. There are a fe things you are going to have to do to get pre approved, though. Your home's seller is going to want to know if you can actually pay for the home once you make your house offer. Before you give any lender permission to do a credit check, you need to make sure you could have a decent working relationship with them.

There are a couple things you need to look at. First, consider what interest rate the lender is offering. Interest rates will differ from lender to lender. These difference can be small - fractions of a percent - but over time the small differences can be huge and represent thousands of dollars. Make sure you also compare the interest rates you pay with the fee you will pay for closing. A lot of lenders compensate for their low interest rate fees with very high loan closing costs. Make sure to request a list of all the closing costs when shopping for a lender.

You never want to consider using a dishonest lender. If a lender does not give you all the closing costs or suggests you lie on an application, look at another ender. You could be held liable for such lies. You can also never be sure the lender will be working for you to the best of their abilities.

Make sure to work with a lender that you can speak face to face with. You will have a better opportunity to ask questions and get some answers. However, you may want to look online for your loan as you can secure the best interest rates and closing fees because of the fierce lending competition. It's crucial that you use the internet (even if you decide not to go through an internet lender) to compare mortgage rate prices. The more comparisons you can do, the better the chance you have at getting the best loan price.

Internet lenders are also very good for giving your prompt replies. You can look at an interest rate and send off an email with a question and expect a reply within an hour. Applying for a mortgage online is also a very streamlined an easy process. Whatever you do, make sure you spend a good deal of time shopping around for the best mortgages, though. The internet is your best chance for financial aid for single mothers.

If you happen to have bad credit, you can find bad credit lenders who will still give you a loan, though the interest rate will be much higher. Do as much research about home loans as possible so you get the full picture of what you can get and what you can't get. There are many special home loans for single mothers out there that you can take advantage of. It's merely a matter of finding them.

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Dec 3, 2011 12:15am
Great advice. Never seen anyone actually point out not to use a dishonest lender. Had that advice been followed there would be a lot fewer problems in the housing market today.
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