|
A Cure for an Ailing Credit
Credit has become a much-used word, thanks to the various connotations that it is being used in. Transactions in which the payment is deferred to the near future are termed as credit transactions. Ever thought why the grocer sells goods on...
Bad Credit Credit Cards
Chances are you've gotten your share of offers for Bad credit credit cards, Bad credit visa cards and Credit cards for people with bad credit. Re-establish your credit with a pre-approved bad credit credit card, regardless of your credit history,...
Credit Help for Buying Houses: 14 Common Credit Mistakes
Get the credit you need to buy real estate. Qualifying for a real estate purchase requires different credit than automobile financing or retail credit. If you plan to finance real estate, either as a home buyer or as an investor, these credit...
Do you want to get a new credit card at a great rate?
1)Do your homework. Applying for and getting approved for a credit card is nothing more than legwork. Credit card contracts can sometimes contain onerous terms that might make you sorry that you signed up for the new card that you did. Read the fine...
Modern Credit and the Internet
The internet stands as the largest open marketplace in the world
today, almost every possible product or service is being sold on
the internet. With such an availability of potential monetary
transactions, the preferred method of payment is the...
|
|
| |
|
|
|
|
|
|
Bad Credit Home Financing - Choosing A Subprime Mortgage Lender
In the early nineties subprime mortgages accounted for about
five percent of all mortgages. Today the subprime mortgage loan
sector comprises more than twenty percent of the mortgage
market. With this explosion of subprime mortgage lenders and
brokers, it is important to know what to look for when choosing
your lender. Not only do you want to be sure that you are
getting the best deal possible for your subprime mortgage, you
also want to know how to avoid falling prey to a predatory
lender.
What makes a person a candidate for a subprime mortgage? Bad
credit is the predominant reason but there are others.
Fluctuating income and even the type of property being purchased
can also necessitate an unconventional mortgage. If your unique
situation requires a subprime mortgage do the following when
choosing your loan agent or broker.
Know your credit history, particularly your FICO score. A score
lower than 620 generally means that you will be offered a
subprime mortgage. Do not take for granted that you must seek a
subprime mortgage. Ask what products are available for you.
Also, make sure you have your employment, income and payment
histories readily available.
Do not assume that getting the lowest interest rate also means
you are getting the best loan. Most subprime mortgage loans will
be two percentage points higher than a conventional loan and may
have additional fees. All of the prospective subprime mortgage
lenders should submit their loan packages to you in writing.
Take the time to carefully analyze all of the mortgage offers.
Compare not just the interest rates but also the fees you are
being charged.
Be wary of prepayment penalties. A subprime mortgage is a
vehicle for repairing your credit or responding to a specific
applicant situation and usually is a short term solution. Hefty
prepayment penalties may lock you into a subprime mortgage for a
longer term than is necessary or cause you to
pay a substantial
price for refinancing to a conventional mortgage at a later
date. You may have to accept some sort of prepayment penalty but
negotiate with the various lenders to guarantee you have the
least burdensome penalty possible.
Even though you are looking for a subprime mortgage lender you
still have many options. After comparing the loan offers from
the different lenders, negotiate the terms. Do not feel that a
lender is doing you a favor by offering you a subprime mortgage.
Many times the compensation a lender receives for a subprime
mortgage is greater than that which is received for a
conventional mortgage.
Most subprime mortgage lenders are honest and responsible
business people. Still, the regulation of subprime loans varies
widely and you should be careful not to fall victim to a
predatory lender.
1. Don't respond to telephone or direct mail offers from
subprime mortgage lenders. Do your own research. The Better
Business Bureau, the telephone book and the Internet are all
good resources. Ask friends for referrals.
2. Don't allow yourself to be pressured. Ask for offers in
writing and use plenty of time to compare them.
3. Don't sign any documents that have blank spaces or incorrect
dates.
4. Don't be convinced to inflate your income or net worth.
5. Don't skip reading any portion of your loan documents because
your lender tells you "that part isn't important".
Choosing a subprime mortgage lender is like any other purchase.
The more knowledge you have and the more research and analysis
you do, the better your decision will be.
About the author:
Carrie Reeder is the owner of www.abcloanguide.com, an
informational website about various types of loans. View her
recommended lenders for Ba
d Credit Mortgage Loans.
|
|
|
|
|
| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
| www.credit.com |
|
| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
|
| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
|
| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
|
| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
|
| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
|
| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
| www.myfico.com |
|
| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
| www.credit-suisse.com |
|
| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
|
| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
|
| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
|
| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
|
| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
|
| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
|
| Compare credit cards | apply for a credit card | 0% balance ... |
| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
|
| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
|
| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
|
| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
|
| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
|
| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
|