![]() |
Sub-Prime Mortgage Loans - Things You Should Know About Sub-Prime MortgagesSub-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. 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. To view our list of recommended bad credit or subprime mortgage lenders online, visit this page: Recommended Subprime Mortgage Lenders Online. Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
Today's refinance rates move higher – August 8, 2022 Bankrate.com Mortgage Refinance Volume Plunges 80% -- but Could You Benefit From a Refinance Today? The Motley Fool Colliers Mortgage closes $1.6 million refinance for 42-unit apartment project in Sioux Falls – REJournals REjournals.com Today’s 30-year mortgage refinance rates dive below 5% for first time in 42 days | August 1, 2022 FOX 6 Milwaukee Today’s mortgage rates: 30-year rates open week with quarter-point drop | August 15, 2022 Fox Business How Does A Home Equity Loan Work? | Overview And Process The Mortgage Reports Blend Labs Has Cut 420 Jobs Since April National Mortgage Professional How to Get Rid of Mortgage Insurance Business Insider Impac Mortgage Holdings sees wider loss, backs off non-QM production Mortgage Professional 5 Ways to Get Cash Out of Your Paid-Off House Business Insider Buying A Home In The U.S. As A Non-resident Bankrate.com Should You Pay Off Your Car Before Buying a House? | Mortgages and Advice | U.S. News U.S News & World Report Money Wells Fargo To Back Off Mortgage Lending After Scrutiny Over Practices With Black Homeowners Moguldom How Shawn Wharrey paid off $247,000 in student loans in 5 years Business Insider Trends in Mortgage Refinancing Activity Freddie Mac Best Mortgage Refinance Companies of July 2022- Compare Refinance Rates | U.S. U.S News & World Report Money Refinance Calculator Bankrate.com Today’s 15-year mortgage refinance rates offer best savings opportunity | August 12, 2022 Fox Business When to Refinance Your Mortgage Business Insider Today’s mortgage refinance rates: Look to shorter terms for best savings opportunities | March 15, 2022 Fox Business Today’s mortgage refinance rates: 20-year rates hold below 5% for fourth straight day | July 27, 2022 Fox Business Today's mortgage refinance rates: 3 key rates sink to money-saving levels | Jan. 24, 2022 Fox Business Home refinance options for 2022 The Mortgage Reports Still time to lock in lower rates: 30-year mortgage refinance rates edge down | March 4, 2022 Fox Business Today’s 30-year mortgage refinance rates hold, but for how much longer? | April 4, 2022 Fox Business Today's 30-year mortgage refinance rates hold steady, 3 others inch back up | March 25, 2022 Fox Business Refinancing a reverse mortgage: What to know Fox Business How to refinance your mortgage, a step-by-step guide The Washington Post
|