You certainly have heard or read news about the subprime mortgage loan mess that the United States is currently suffering from. But, what exactly is a subprime?
Sub-Prime Mortgage Loans – Five Ways To Lower Your Rates On A Sub-Prime Mortgage
Sub-prime mortgages dont mean you have to pay excessively high interest rates to buy a home. By taking time to do some research and pick the right terms, you can save thousands on your mortgage. The following five tips will help you get low rates with the right subprime lender.
Compare Lenders
The number one way to lower your interest rates on your sub-prime mortgage is to compare lenders before you apply. It sounds so simple, but too many homebuyers skip this step, co…
Subprime Mortgages How Large Of A Down Payment Do You Need?
Subprime mortgages offer more flexibility with down payments than conventional home loans. You can choose to put nothing or over 20% down. And with a subprime mortgage, you dont have to worry about paying private mortgage insurance.
Zero-Down Mortgages
Zero-down mortgages allow people with little money for initial costs to buy a home. Even with a zero-down mortgage you can expect to pay loan fees and points, which can still add up to a couple of thousands. However, the…
Home Refinancing For People With Bad Credit – Who Qualifies For A Sub-prime Mortgage Loan?
Sub-prime mortgage loans gives people options, including those with bad credit. Sub-prime lenders dont have to follow conventional underwriting rules, so they can work with anyone, regardless of their credit background. They can also provide more lenient terms than traditional lenders.
Qualifying For Sub-Prime Financing
Basically, anyone can qualify for financing with a sub-prime financing company. No matter your credit situation, even if you are just out of bankruptcy…
Is Your Subprime Mortgage Lender A Predatory Lender
Subprime lenders offer financing for people with low credit scores who dont qualify for a conventional loan. Subprime financing can be offered through traditional mortgage lenders like banks, credit unions, or mortgage lenders. There are also specialized lenders who only deal with subprime mortgages.
Predatory lenders charge high fees, write loans in vague terms, and structure payments so they can foreclose on property. Predatory lenders take advantage of people who do no…