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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.
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.
MORE RESOURCES updated Sun. May / 28 / 2023
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