The loan process for a bad credit home loan or bad credit personal loan starts off by completing our pre approval online system. This forms the basis for Miracle Home Loans to gain an understanding of your situation and how to best match you with the right lender.
As with any loan for bad credit, you are going to pay a slightly higher interest rate of which does reduce over the first couple of years. You need to work out weather it is better to obtain finance now or wait and this is where Miracle Home Loans can help you decide.
From the online pre approval system we will asses your application and determine your chances of being successful and the approximate interest rate you will be given. If you are happy to proceed we will then submit the application to our panel of lenders who specialise in providing loans to people with bad credit.
The first part of the process, the pre approval system will take at the most 72 hours to complete. generally it is done with 24 hours. From there we will contact you and discuss your options and your repayments. If you are happy to proceed we will then complete a formal bad credit home loan application and submit it to the one lender we feel will give you the most economical loan.
Once the lender has approved the process, they will issue you with the full terms, conditions, interest rates and any fees associated with the loan. It is at this point that you make the decision to proceed or not.
Miracle Home Loans only acts as a Broker, we provide you with our professional advise but the final information comes from the lender.