Are There High - Risk Loan Specialists Out There
One of the reasons the economy went into the tank two years ago was primarily due to the sub-prime mortgage crisis implemented by unscrupulous individuals who saw the chance to make loads of money by taking advantage of unsuspecting potential home buyers. In some way, these individuals were considered high-risk loan specialists because in most cases their clients did not have to put any money down and were given mortgages they could neither afford nor eventually pay off. The upshot was that these mortgages were then sold to other entities that raised the interest rates and caused the millions of foreclosures. The domino effect had worked, brilliantly. So to answer the question: Are there high-risk loan specialists out there? The answer is yes, but none whom you would want to do business with.
How Do I Find a High Risk Loan Specialist?
In today's economy, with the banks putting a squeeze on lending and a myriad of so-called "loan specialists" looking for their next victim, finding a high risk loan specialist requires a great deal of research, personal visits to banking institutions, and common sense. If you are in the market for a mortgage, for example, we would recommend that you talk to your friends and neighbors who have recently purchased a home to determine who they would recommend. You can also consult with your real estate broker as well since they have the inside scoop on home mortgages. When trying to locate a high risk loan specialist, regardless of whether it's for a mortgage or any type of loan, your best and safest bet is to meet with these specialists in person; specialists who are affiliated with well known banks. You have to be as particular about your loan specialist as you are about finding a new doctor.
Know Your Credit Score
By the mere fact that you are seeking a high risk loan specialist suggests that your credit score is less than adequate. Therefore, it is vital that you get all three credit agency reports as well as your credit score from each agency before you find a high risk loan specialist. If your credit score is below 700, you may be able to secure a high risk loan but the interest rate will be high as well. There are no definitive answers to the question at hand because the economy is in such a state of flux that banks are operating under a different set of rules. The best recommendation we can offer is to talk to your local banker and/or real estate agent if applicable and start from there. You may have to visit many banking institutions before you find one that will give you the loan you require.