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Home Mortgage Refinancing - should I refinance?
Why should I refinance and when does it pay to do so?
Refinancing can be worthwhile, but it does not make good financial sense for everyone. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your...
Maximise your compound interest, FREE mortgage quote
Compound interest is the very method that finance companies have made their money for many decades. However at last competition from a booming worldwide economy has forced the industry to give consumers a better deal.
Compound interest in a...
Refinance Mortgage Loan – Tips on Refinancing Your Home Mortgage
Refinancing your home mortgage can come with some great perks. If you do it with no money out of pocket, you can skip one to three mortgage payments. You can save money on your payment or pay off your entire mortgage faster when you have better...
Think You Can’t Get a Mortgage?
You've finally found that dream home that you have always been searching for, but you are afraid to apply for a mortgage because you have bad credit or less than perfect credit.
Before you give up entirely, there are many mortgage programs that...
Thoughts On Securing A Bad Credit Mortgage
Over spending, the endless nights of partying, eating out and more or less buying everything on a whim, has most likely put a dent in your financial situation and will affect how you live your life for years to come. Clearly, the best option is to...
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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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