Home / Everything Else / Crucial Things You Need To Know About Low-Interest Home Loans
Everything Else

Crucial Things You Need To Know About Low-Interest Home Loans

Crucial things you need to know about low-interest home loans

Having a good credit score is extremely important for landing decent quotes for low-interest home loans. However, people with bad debt history might struggle while applying for home loans which offer the best interest rates. Individuals with bad credit scores are subjected to high-interest rates by lenders because the risk of investment seems enormous. And many scammers can take advantage of this vulnerability by promoting deceiving offers of easy home loans with low-interest rates.

Crucial Things You Need To Know About Low-Interest Home Loans
Read further to know how to choose the best home loans and evade the clutches of predatory lending

What are the warning signs of a home loan scam?
While you are shopping for various low-interest home loans, it is vital to exercise prudence. If it looks startlingly convenient, chances are there’s more to what’s been offered. Resorting to such iffy options for low-interest home loans can have grave and long-term consequences which can further damage your financial reputation. An excellent credit score or not, here are some warning signs of predatory lending that you shouldn’t overlook under any circumstance.

  • Exaggerated claims – One of the most obvious signs of a personal loan scam is exaggerated claims such as low-interest home loans without any credit checks. Legitimate lenders will always run a soft and hard inquiry before financing borrowers. Furthermore, dubious lenders will be in an unusual rush to wrap up the paperwork.
  • Upfront or hidden fees – At times, predatory lenders will ask for some kind of “upfront fees” along with your personal bank details. In some situations, fraudsters may demand hidden fees which are not mentioned in the advertisements or brochures they share. Lenders might cajole the clients into thinking that such fees are a legitimate part of the process, however, as a smart loan shopper you should always probe and refrain from falling prey to such tactics.
  • No registration and physical address – If the lender fails to provide proper registration paperwork and a physical address for their office, then it a sign of them being a part of unlawful activities. All valid lenders, including the online ones, need to have a physical address and should be registered with the State Attorney General’s Office.
  • Questionable communication – Cold calls or emails from unrequested sources containing bad grammar, misspellings, and use of informal format such as big and bold fonts are a sign of predatory lending. So never engage in any form of communication with such doubtful lenders.

Are there any government home loans with low-interest rates?
Yes, there are several government-sponsored programs for potential homebuyers. However, they may not necessarily offer low-interest home loans. Here are some options that you can explore.

  • FHA (Federal Housing Administration) loans – Managed by the Department of Housing and Urban Development (HUD), FHA loans are available to all types of borrowers but they are popular among first-time home buyers. This program allows borrowers to qualify for a loan even with a down payment that is as low as 3.5% of the property’s value.
  • VA loans – Similar to FHA, these loans come under the supervision of the Department of Veteran’s Affairs (VA). Like the name suggests, one has to be a military veteran to be eligible for this program. One of the most prominent benefits of the VA loan is that one doesn’t have to worry about down-payments or mortgage insurance.
  • USDA loan – The US Department of Agriculture runs a loan program for families residing in rural areas. Moreover, it doesn’t require down payments and borrowers can also enjoy low-interest home loans.

Which are some of the best lenders for first-time homebuyers?
The lenders stated below are some of the top choices for first-time homebuyers.

  • New American Funding
  • CitiMortgage
  • Flagstar Bank
  • Quicken Loans
  • Carrington Mortgage Services
  • Chase Bank
  • Bank of America
  • SunTrust
  • Navy Federal

Which are some popular online mortgage lenders?
The following are some trustworthy online mortgage lenders that can you can consider seeking assistance from.

  • Lenda
  • Rocket Mortgage by Quicken Loans
  • SunTrust
  • Better Mortgage
  • Guaranteed Rate
  • Sofi
Disclaimer:
The content provided on our blog site traverses numerous categories, offering readers valuable and practical information. Readers can use the editorial team’s research and data to gain more insights into their topics of interest. However, they are requested not to treat the articles as conclusive. The website team cannot be held responsible for differences in data or inaccuracies found across other platforms. Please also note that the site might also miss out on various schemes and offers available that the readers may find more beneficial than the ones we cover.

Most Recommended Blogs

Identification And Treatment Of Kidney Stones
Health & Wellness

Identification And Treatment Of Kidney Stones

Identification and treatment of kidney stones A kidney stone is formed when there is a gradual buildup of material in the kidney through substances in the urine. It has a plethora of causes and can affect any part of the urinary tract from the kidneys to the bladder. The stones can be as small as grains of sand or as big as pearls.
How Can You Control The Symptoms Of Liver Damage
Health & Wellness

How Can You Control The Symptoms Of Liver Damage

How can you control the symptoms of liver damage? The liver is an integral part of a human body. It is located just under the rib cage on the right side of the abdomen. The liver helps in digestion and removes toxins from the body. It filters out all the blood coming out of the digestive tract before it goes to the rest of the body.
Helicobacter Pylori (H. Pylori) Infection – An Overview
Health & Wellness

Helicobacter Pylori (H. Pylori) Infection – An Overview

Helicobacter pylori (H. pylori) infection – An overview H. pylori can be described as a common bacteria found in the human digestive tract. These have the tendency of attacking the lining of the stomach. These bacteria are the main reason for stomach infections. Typically speaking, H. pylori infections do not tend to be harmful, but they are responsible for ulcers in the small intestine and the stomach.
Everything You Need To Know About The Flu
Health & Wellness

Everything You Need To Know About The Flu

Everything you need to know about the flu Flu is a common viral infection that can affect anyone. In some cases, the flu can be deadly. It is often mistaken as other health conditions because of the symptoms it exhibits. Flu is contagious. Every person is affected by the flu at least once in their life.
Head And Neck Cancer Treatment Options In The Country
Health & Wellness

Head And Neck Cancer Treatment Options In The Country

Head and neck cancer treatment options in the country Most cancers of the head and neck are curable if they are caught at an early stage. Apart from eliminating cancer, which is the primary goal, preserving the functionalities of the nearby organs, nerves, tissues, and glands are also very important.
An Overview Of Frequent Urination- Causes, Symptoms, And Treatment
Health & Wellness

An Overview Of Frequent Urination- Causes, Symptoms, And Treatment

An overview of frequent urination- Causes, symptoms, and treatment Frequent urination, as the name suggests, is the recurrent urge to pass urine more often than usual. An individual’s everyday normal routine and sleep cycle can be disrupted by this condition. Frequent urination may be a sign of an underlying medical condition.
Things To Consider Before Going For Head And Neck Cancer Treatment
Health & Wellness

Things To Consider Before Going For Head And Neck Cancer Treatment

Things to consider before going for head and neck cancer treatment The head and neck are the most vital and fragile parts of the body. If diagnosed with head and neck cancer, there are a lot of things that should be kept in mind before starting the treatment. One should know how long the treatment would take and what are the chances of them defeating it.
Everything You Need To Know About Frequent Urination
Health & Wellness

Everything You Need To Know About Frequent Urination

Everything you need to know about frequent urination Frequent urination is called polyuria in medical terminology. Also called frequency, it is a condition many people live with and do not seek medical assistance as they consider it to be a normal thing. Frequent urination means a desire to pass urine more often than what is normal for them.
Best Detox Drinks That Can Help You Lose Weight
Health & Wellness

Best Detox Drinks That Can Help You Lose Weight

Best Detox drinks that can help you lose weight If you have tried a lot of methods to lose weight and still are unable to shed those extra pounds then detox water and other healthy drinks might be the answer for you. Drinking detox water helps the body in many ways.
Low Calorie Health Drink Ideas For Winners
Health & Wellness

Low Calorie Health Drink Ideas For Winners

Low-calorie health drink ideas for winners Low-calorie health drinks are becoming more and more popular with every passing day, as people start to realize the number of health benefits these drinks bring to the table. Healthy drinks not only have low-calorie content but also contain varying amounts of nutrients and antioxidants.
Signs And Symptoms Of Internal Hemorrhoids
Health & Wellness

Signs And Symptoms Of Internal Hemorrhoids

Signs and symptoms of internal hemorrhoids Hemorrhoids, also known as piles are of two types: internal & external. They are essentially swollen veins found in your anus or lower rectum and consist of blood vessels, elastic fibers, and multiple tissues. It is a common medical condition and found among most US citizens before they touch the age of 50.
Treatment Options For The Prolapsed Bladder Condition
Health & Wellness

Treatment Options For The Prolapsed Bladder Condition

Treatment options for the prolapsed bladder condition The bladder is a muscular sac located just behind the pubic bone, which stores urine. The front wall of the vagina supports the bladder in women, and it weakens or loosens with age. If it continues to deteriorate, it can lead to a prolapsed bladder or fallen bladder condition.
Everything You Should Know About Treating Gas Problems
Health & Wellness

Everything You Should Know About Treating Gas Problems

Everything you should know about treating gas problems Gas can be quite embarrassing to deal with, to say the least. However, the problem of a gassy stomach extends far beyond just embarrassment and can actually be a very painful experience indeed. Also known as flatulence, a gassy stomach is characterized by the excessive buildup of gas inside the digestive tract.
An Overview Of Fibromyalgia Pain
Health & Wellness

An Overview Of Fibromyalgia Pain

An overview of fibromyalgia pain Fibromyalgia is a condition that causes pain, stiffness, and tenderness in muscles, tendons, and joints throughout the body. People experience fibromyalgia pain differently, and its triggers vary from one person to another. The condition can affect anyone, but it is seen more often in women.
Remedies And Treatment For The Helicobacter Pylori (H. Pylori) Infection
Health & Wellness

Remedies And Treatment For The Helicobacter Pylori (H. Pylori) Infection

How to manage and treat the symptoms of Helicobacter pylori (H. pylori) infection? Helicobacter pylori (H. pylori) are bacteria that enter our body and live in the digestive tract. They are usually harmless and infect the stomachs of roughly 60 percent of the world’s population. The spiral-shaped bacteria usually don’t cause any symptoms but have a tendency to attack the stomach lining, leading to diseases, including peptic ulcers and an inflammatory stomach condition known as gastritis.
Factors Triggering Fibromyalgia Pain And Ways To Alleviate It
Health & Wellness

Factors Triggering Fibromyalgia Pain And Ways To Alleviate It

Factors triggering fibromyalgia pain and ways to alleviate it Generally, when a person is injured or hurt, the signal travels all the way from the injury point to the brain and the brain comprehends this as pain. The brain signals the body to respond accordingly. Slowly, the pain lessens with time and treatment and finally goes away.