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A Brief Commercial Mortgage Guide
Commercial mortgage loans are used when purchasing structures such as office buildings, apartment complexes, health care facilities and retail outlets. Whether it’s a hi-rise tower or a family-owned restaurant, buyers typically need additional...
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...
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...
Home Refinance: Why You Want to Refinance Your Mortgage
You may want to refinance your home for several reasons. The biggest reason that people refinance their homes is to save money.
If you qualify for a lower rate you could lock in that lower mortgage rate and stretch out the payments so that every...
Refinancing Second Mortgage
Refinancing is the process of replacing an existing loan with another lower interest rate loan for the same amount. Rate of interest is the rate in percentage charged by the mortgage lender in calculating the outstanding principal balance....
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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 research
and compare both terms and rates.
Your Credit History
A poor credit history doesn't have to send you running to
sub-prime lenders. For one, you may still qualify for an A loan,
reserved for people with good credit. If your bankruptcy was
four or more years ago and you have established a good payment
history since then, your FICO score is probably over 600, the
requirement for an A loan.
Through FHA loan programs, you can apply for a loan after two
years of a bankruptcy or foreclosure. VA loans also look more
leniently on past credit problems. In the end, don't assume that
because you have an adverse credit history you have to apply for
the higher interest sub-prime loans.
Sub-prime Mortgages
If you find that you do have bad credit, you can still work with
a traditional lender, who may offer you better interest rates.
As financing companies expand their financing options, more and
more companies are adding services for B, C, and D loans.
Sub-prime mortgages are based partly on
your credit history, but
largely on your mortgage or rent payment history. You will want
to provide proof of your rent payments by sending copies of your
rent receipts or checks. Mortgage payments can be verified
through your credit report.
Sub-prime mortgages are just short term financing options. Once
you have improved your credit history, you can refinance your
mortgage for better rates.
Sub-prime Lenders
When you start your search for a sub-prime lender, include all
lenders in your investigation. Request quotes from traditional
lenders as well as those who specialize in poor credit
financing. Compare everyone's financing packages to find the
best rates and terms.
Ideally, you want to find a low APR with no prepayment fees.
Unless you plan to keep your mortgage for seven or more years,
it is probably not worth paying points for lower rates. You may
also find that an ARM will provide lower rates with more buying
power than a fixed rate mortgage.
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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