Arizona Bad Credit Mortgage Lenders

With its ideal climate and beautiful landscape, it is no wonder that many people want to call Arizona home. If you are considering the investment of purchasing a home of your own, and you have bad credit, then it is important to start your search long before find your home. As soon as the idea crosses your mind, elect to pull a credit report from one of the three big agencies. This will give you information about your past payment history, and it will also tell you how likely it will be for you to obtain an affordable interest rate on a home. Get this report as soon as possible so that you can begin to repair anything that you would not like a lender to see. Dispute any incorrect information, and begin to correct your behavior as soon as you can identify where your problem with paying bills resides. In Arizona alone, there are hundreds of debt assistance programs that will help you develop a program that will get you out of debt, clean up your credit, and learn ways to keep from falling back into the bad credit cycle. This proactive behavior will save you thousands of dollars in interest and fees. Today, a home in Arizona that costs 200,000 will have an interest rate between 6% and 7.1%, which is already a significant amount of money to pay in addition to the original amount of the loan. Many companies that advertise that they offer financing to individuals with bad credit will add on a large amount of interest and fees to the already substantial amount that you will be forced to pay if you have good credit, so it really pays to do your research.

Request a free Mortgage quote >>

Companies that offer alternative financing plans that include perks like no down payment, debt consolidation, home equity lines of credit, and interest only loans to individuals with credit issues are more common than you would think. Try to choose a lender with a big name that offers creative interest rates to an individual with your income and credit score. Oftentimes, these companies will create financing packages that cater to your unique needs and qualifications. Arizona is home to many of these types of companies. Try researching E-loan, Amerisave, Hunter Financial, or DiTech. There are even a few search engines like LendingTree.com that allow lenders to compete for borrowers.

Request a free Mortgage quote >>