As an Idaho borrower with less-than-perfect credit, you’re considered a sub prime borrower. Unlike other borrowers with excellent credit, your past credit issues will likely be an area where Idaho lenders will focus. Here are three tips designed to help you move forward with your goal of enhancing your credit profile:
* Increase your chances of a positive outcome by contacting as many lenders that specialize in bad credit or subprime borrowing as possible.
* Get quotes in writing.
* Scrutinize those quotes and pay special attention to fees, details of rate adjustments and balloon payment requirements.
Idaho mortgage loan rates
Do you know the factors that influence loan rates? If you do, your search for the best mortgage will be much easier. Economic trends play a significant role in the way mortgage interest rates move. So the rate you’re offered might depend on these factors:
* The amount you borrow. Borrowing only up to 80% of the new home’s value is more likely to get you a better rate.
* How you’re perceived as a credit risk. If you can show a responsible credit history, you’ll likely be offered a better rate than someone with a history of credit usage problems.
* The maturity term you choose. Shorter maturity terms usually offer better rates than those with longer terms.
