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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.
Finding Mortgage Lenders after Bankruptcy
Traditionally people who have been through bankruptcy have
experienced problems in obtaining a mortgage but in recent years
this has all changed and now there are more bankruptcy mortgage
lenders than ever.
Bankruptcy Mortgages
The... ...read more
Is an Interest Only Mortgage the Right Choice for You
If you're looking to purchase a home anytime in the near future,
I'm sure you've at least heard of a mortgage program that is
gaining popularity known as an Interest- Only Mortgage. Unlike
more traditional mortgage programs that require you to... ...read more
Reverse Mortgage Explained
Can't remember how many times I've been asked "What is a reverse
mortgage"? Reverse mortgages are a great way to get a loan using
your primary asset. As in all cases of financial lending, the
flexibility comes at a price. A reverse mortgage is a... ...read more
What Factors Affect Mortgage Rates?
There are several factors that affect your mortgage rate. One major factor of mortgage rate movement is inflation. Inflation means a growing economy and increasing prices of goods and services. A growing economy means a stronger demand for goods and... ...read more
Why Planning Your "Re-Fired" Retirement Is Vitally Important
Just about all of us plan to retire one day. You may visualize yourself with plenty of free time on your hands, no commute, and finally with an opportunity to travel with the person you love.
But statistics show that golden dream comes true for... ...read more
