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Debt Consolidation Mortgage Loan - Pros And Cons
Debt consolidation mortgage loans can help you lower your
interest rates and monthly payments. With reduced rates, you can
also pay off your debt sooner. However, reducing your equity
could subject you to private mortgage rates. You may also end...
How To Find Low Home Mortgage Refinance Rates While Rates Are Rising
2 years ago bargain mortgage rate shoppers are on a refinancing spree. While many homeowners seeking to reduce monthly payments and overall rates have secured unbelievably great deals, others have gotten the short end of the stick. Now that rates...
Obtaining a Mortgage On-line
A mortgage for first time home buyers or people who are looking
to refinance their homes has become much easier in later years'
thanks to the internet and the ability to obtain a mortgage
on-line.
Of course there is your local bank, where...
Refinance Your Mortgage To Rebuild Credit
Refinancing your mortgage is one way to rebuild your credit, particularly if you have recently declared bankruptcy. With a poor credit history, you can find refinancing through a sub prime lender. To rebuild your credit, make regular payments on...
Using a Business Mortgage to Grow your Business
So you want to be a Player?
The real movers and shakers of America are always looking to move up the ladder of success. They also have a particular penchant for desiring to display their success through their purchasing power. You may...
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100% Financing Or No Down Payment & Bad Credit Mortgage Loans
Sub-prime lenders now offer financing packages with zero down.
Interest rates are higher on these types of loans, but they make
purchasing a house easier. And unlike a conventional loan, there
is no private mortgage insurance required. There are two types
of zero-down mortgage packages, each with their own requirements.
Types Of Zero-Down Loans
100% financing, as it names implies, offers complete financing
of your property. The other option, 80/20, finances your
mortgage with two loans. Both loans may be carried by your
lender, but sometimes the seller or a second lender is required
to carry the 20% mortgage.
100% financing is easier to deal with, but not all lenders will
offer this type of home loan. 80/20 financing is more common,
but takes some negotiation if the seller is involved.
Qualifications For Zero-Down
Each lender has their own criteria for determining who will
qualify for a zero-down loan. Most sub-prime lenders require any
bankruptcies or foreclosures to have been at least twelve months
ago. A conventional loan requires these to be discharged two to
four years ago.
While a credit score of 600 or higher is best, large cash
reserves can also qualify you. Six to twelve month's worth
of
cash reserves in the form of savings, money market, or other
liquid assets are considered ideal.
If you choose 80/20 financing with the seller carrying the
second mortgage, you can qualify with sub-prime lenders with a
score of 560.
Zero-Down Sub-prime Lenders
You can find zero-down sub-prime mortgages with both
conventional and niche sub-prime lenders. Make sure that you
request quotes from as many mortgage lenders has possible to be
sure you find the lowest rate and best terms.
You will also want to decide what type of mortgage you want. An
ARM is easier to qualify for and has lower rates. A fixed rate
mortgage offers the security of a constant interest rate over
the life of your loan.
Typically an ARM will be a better deal if you plan to refinance
within a couple of years. After you have improved your credit
history, you can refinance for a conventional mortgage with low
interest rates.
About the author:
See my recommended companies for
Bad Credit Mortgage Loans. Carrie Reeder is the owner of ABC
Loan Guide, which offers help with loans for people with bad
credit.
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