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Bridging the Mortgage Gap with a Bridge loan
It's a common problem - money gets tight, outgoings seem to be on a relentless upward trend, but income, if anything, appears to be standing still or even falling. This can be a particular problem when you are moving house, because suddenly you have...
Cash Out Refinance Mortgage Loans – Home Equity, 2nd Mortgage Or Cash Out Refinance Loan
There are some definite benefits to doing a cash out refinance. Just make sure that overall you are not going to be spending more money in fees and interest doing a cash out refinance as opposed to a home equity loan. When you do a cash out...
Getting a Nashville Mortgage Quote
Purchasing a new home requires much research on your part. Working with a realtor and finding a real estate closing attorney is vital in your quest to completing the deal. Of key importance is finding a lender; getting a Nashville Mortgage Quote...
Mortgages - Which Loan is Right For You
When buying a home, you need to take a home mortgage loan, either because as a debtor, you end up paying less tax, or because in a market where property prices rise faster than salary levels, the money you have saved falls short of the amount...
Subprime Mortgage Lenders - Sub-Prime Loans Now Available Through Traditional Lenders
Sub-prime loans are becoming more readily available through
traditional lenders. Even with a bankruptcy or foreclose in your
credit history, you can still find financing for the purchase of
your home. The key to sub-prime mortgages is to do your...
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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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