Subprime Mortgage Lenders Sub Prime Loans Now Available Through
Traditional Lenders

Subprime Mortgage Lenders Sub Prime Loans Now Available Through Traditional Lenders



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.




You Might Also Like:




No comments:

Powered by Blogger.