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Sub-Prime Mortgage Loans - Things You Should Know About Sub-Prime Mortgages
Sub-prime mortgages are not that much different from average mortgages.
They have interest rates, points, and fees. They can be compared online,
and they have seasonal trends. The only real difference is that as a borrower
with a less than stellar credit record, you will have to pay a slightly
higher rate for the lender’s increased risk. What is important is that
you prepare yourself with information about sub-prime mortgages and compare
lending companies to make sure you get the best deal.
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
Paying For Risk
If you have bad credit or
declared bankruptcy, a mortgage lender is taking a big
risk that you will pay back the loan. People with bad credit
are seven times more likely to default on loans, so lenders
make up for this loss with higher interest rates and fees.
However, some companies take advantage of people with poor
credit, so you should compare companies.
Look Online
You don't have to meet with
a lender face to face to negotiate a mortgage loan. You
can go online and compare financing packages from multiple
bidders by supplying some personal information. Rates and
fees are different between lending companies, so it pays
to shop.
The Mortgage Season
Fees and terms can be better
during the off-season of fall and winter for borrowers.
When there is more competition for fewer loans, mortgage
lenders will lower their fees. If you do secure a mortgage
during the spring or summer, double-check fees to make
sure they are not inflated.
Down Payments Wanted
A down payment is often necessary
for a person with a bad credit record. The larger your
down payment, the easier it is for you to secure a loan.
You can also avoid PMI by putting down at least 20% of
the home’s value.
Fees Add Up
Interest rates are an easy
way to look at a loan, but you should also consider the
fees involved in a sub-prime mortgage. Some fees are to
be expected to process the loan, but others can be excessive.
When you get a mortgage offer, be sure to add up the fees
from each financing package and compare those with the
interest rates.
Here are our recommended sources for bad credit mortgage lenders online:
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
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