Credit unions are member based organizations that you can join for free. Most credit unions offer special loans to their members which can include low down payment loans, bad credit loans, no income verification, refinance with little or no equity loans, no doc loans and extended qualifying ration loans. Credit unions also have programs for those with bankruptcy, pending foreclosure, tax-liens and judgments. If you have been denied at other financial institutions I would highly recommend you try a local credit union. You can easily find these listed in your local telephone book yellow pages under “credit unions”.
Life Insurance Companies
If you are looking for a home loan with possibly the lowest interest rate anywhere then you will want to check with your or another life insurance company. Even if you have an Ordinary Life Insurance Policy you can borrow against it, your policy becomes your collateral. Most life insurance companies prefer larger home loans though due to the fact that they can lend out more money and in return earn a higher rate of return on the transaction. If you have any type of life insurance policy I would suggest checking with your insurance company no matter what size loan you are looking for.
Working with a mortgage broker can be highly beneficial because they work for you at no charge, they are paid by the lender when you get your loan. This means that the mortgage broker is only paid when they get you a loan. No loan, no pay for them. Because of this mortgage brokers have access to a large number of lenders and can usually help you get a loan with most any credit score.
Individuals or companies that are seeking to make money by borrowing money to others are called private investors. These investors are usually willing to work with you and usually do not require the documentation that other lenders may require. Private investors also seldom do credit checks, which is great for those who have past credit problems. These investors are usually easier to deal with and may even be willing to make a down payment loan along with a long term mortgage to you. One thing to keep in mind when dealing with any lender is never pay any advanced fees. If any lender asks you for money ‘before’ you get your loan, say no!