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Bad Credit Mortgage Refinance - Should I, Shouldn't I?
It is a common financial scenario across households in the Western world. Multiple debts have started to build up: a car loan here, a department store loan there; a bank loan here and several credit cards there. While all may have seemed manageable...
Considering a Mortgage Refinance
If you are looking for a mortgage refinance, it never hurts to shop around for the best rate and deal. Shopping around could mean the difference between paying or saving thousands of dollars in closing costs, and interest fees'.
If time happens to...
Finding a Mortgage Refinance Advisor
If you are looking to refinance your home for a lower rate, or you are interested in a refinance with cash out to do some home repairs, buy a new car, etc., you may want to consider finding a mortgage refinance advisor.
There are actually two...
Refinancing Your House - How To Know Whether To Refinance Or Get A Second Mortgage
Refinancing your house’s mortgage is not the same thing as getting a second mortgage. While both allow you to cash out your home’s equity, terms and rates differ between the two types of loans. To know which financing option is best for you, learn...
The 5 Secrets You Must Uncover to Pay Off Your Mortgage in the Shortest Possible Time
You’ve been making monthly mortgage payments for so long that the checks almost write themselves. But have you become financially complacent, failing to consider ways to decrease your payments or overall debt? Here are 5 secrets to paying off...
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Subprime Hybrid Mortgages
Subprime hybrid mortgages offer temporarily low rates for
borrowers while they work to rebuild their credit. With a
sub-prime hybrid mortgage, you don't have to pay PMI, saving
hundreds a year. After two or three years of on time payments,
you can then refinance for conventional mortgage rates.
Hybrid Mortgage Basics
Since so many people refinance their home loans after they have
reestablished their credit, lenders created a mortgage to offer
maximum flexibility for borrowers. Hybrid mortgages are
typically 1.5% lower than a conventional loan for the first two
or three years, depending on your mortgage terms. After that,
the rated becomes adjustable, rising and falling based on
indexes.
Lenders usually require a prepayment fee if the mortgage is paid
off before two or three years. Since most borrowers use this
period to establish good credit, the fee isn't a problem for
most. You may also be able to waive the fee by paying a point
upon the loan's settlement.
A hybrid mortgage also allows you to borrow more than with a
fixed rate mortgage since your monthly payments are lower. You
may also decide to increase your down payment to lower your rate
or increase the amount you qualify to borrow.
Hybrid Mortgage
Lenders
Hybrid mortgages are offered by conventional and sub-prime
lenders. Rates, fees, and terms will vary with each lender. In
order to find the best financing package, you should request
quotes from several lenders before making a decision.
Typically online financing companies waive or reduce fees, so
they are well worth checking out. You can also request quotes
from traditional companies through their websites. Online
mortgage brokers also make comparison shopping easy by offering
several side by side quotes.
Refinancing Options
After you have had your hybrid for at least two years, you
should begin shopping to refinance your mortgage. If you are
planning to move within seven years, an adjustable rate mortgage
may offer you the lowest rate. If you plan to stay put, a fixed
rate mortgage can guarantee you a low rate over the course of
your loan.
As with a sub-prime loan, compare lenders and finance packages
to find the best deal.
About the author:
See my recommended
Subprime Mortgage Lenders online. Carrie Reeder is the owner
of ABC Loan Guide, which offers help with loans for people with bad
credit.
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