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Mortgage websites now offer quotes from several companies, so you can pick the best financing offer. Sub prime lenders offer loans to people with bad credit, but they don't all charge the same rate. You want to show lenders that you are dependable with paying your bills. Make sure the lending company you pick offers competitive rates and fees.Save A Down Payment One way to improve the terms of a mortgage loan is to have a down payment.Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans. It is best to wait at least two years after a foreclosure. However, if you have a large down payment or a fairly good credit score, lenders sometimes make exceptions.

Create Good Credit A foreclosure doesn't mean an end to your dreams of home ownership.To view our list of recommended bad credit or subprime mortgage lenders online, visit this page: Recommended After Foreclosure Mortgage Lenders Online. So if you are hesitant about taking on a mortgage, online websites can give you an idea of what to expect. Once you have submitted the needed information online, the paperwork will be sent out to you for final approval and your signature.

It is also better to make small regular payments on credit cards than hit and miss with payments.Billing companies want to see their money and are often willing work out an arrangement. Larger down payments will mean better rates.Buying a home after a foreclosure is not an impossible task.Asking for quotes online doesn't commit you to accepting an offer. A credit score of 600 or lower usually means you will need a down payment between 5% and 20%. With some careful planning and some savvy shopping, you can secure a mortgage loan even with a foreclosure in your credit history.Wait At Least Two Years Mortgage lenders focus on the last three years of your credit history when they consider your mortgage application.

Shop Around When you are ready to look for a mortgage, compare prices online.If you do run into trouble, call the billing company and make arrangements before they report you to the credit reporting agencies. As a bonus, you can avoid PMI with a down payment of 20%.Mortgage websites can also process your loan application online faster than a traditional mortgage office. After a foreclosure, take steps to build back a good credit score with regular payments on your bills and loans.