Mortgage and Refinancing Information Channel:
We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
Sub-Prime Mortgage Company - 4 Signs of a Predatory Sub-Prime Lender
If you have bad credit and are looking to get a home loan, odds are, you are going to be applying with a subprime lender. Subprime lenders specialize in financing for people with poor credit history or "less than perfect credit".
Getting a subprime mortgage loan can be good if you can get a reasonable interest rate and terms and then refinance as soon as the pre-payment penalty period is over. However, because borrowers usually have fewer mortgage options because of their bad credit, they can unknowingly get pushed into a loan that is predatory or unjustifiably more expensive than what they should be able to qualify for.
Here are some things to watch out for when dealing with a sub-prime mortgage lender:
1. Get the closing costs and all fees in writing at least 24 hours before closing - Many subprime lenders, because they know you have fewer other options, will charge outlandish fees at closing, knowing that the borrower will most likely just pay them.
2. Beware of the lender encouraging you to borrow more than you can realistically afford - This usually ends in foreclosure, which is what you want to avoid.
3. Ask about pre-payment penalties - Almost all subprime mortgage loans come with prepayment penalties, make sure you know exactly what they are in advance. Once the papers are signed its too late. It can make it so that you have to wait longer than you want to, to refinance.
4. Know what interest rate you are getting, and get it in writing first - This is one way where subprime lenders are known for gouging borrowers. Find out what comparable interest rates are for other subprime lenders and make sure that your interest rate is competitive or comparable.
To view our list of recommended subprime mortgage companies online, visit this page: Recommended Subprime Mortgage Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
MORE RESOURCES updated Thu. June / 08 / 2023
Here Are Your Options if You Can't Pay Your Mortgage The Motley Fool
The Great Pandemic Mortgage Refinance Boom - Liberty Street Economics Liberty Street Economics -
UK mortgage borrowers face painful refinancing, warns think-tank Financial Times
Today's Mortgage, Refinance Rates: June 8, 2023 | Rates Fluctuate Business Insider
Compare Today’s Refinance Rates | U.S. U.S News & World Report Money
No-closing-cost refinance: What it is and how it works Yahoo Finance
What is mortgage refinancing and how does it work? Yahoo Finance
How to get a low-cost mortgage refinance Yahoo Finance
This Is the No. 1 Thing to Remember About Higher Mortgage Rates The Motley Fool
The Fed’s man-made housing market recession hit so hard that 4 real estate titans just lost their Fortune 500 status - Yahoo Finance
The Fed’s man-made housing market recession hit so hard that 4 real estate titans just lost their Fortune 500 status Yahoo Finance
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... - Federal Reserve Bank of New York
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage ... Federal Reserve Bank of New York
Fixed rate cliff spurs record mortgage refinancing MacroBusiness
Will Mortgage Rates Go Up After the June Fed Meeting? The Mortgage Reports
How does mortgage refinancing work? CBS News
Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal
Here’s how sharply mortgage refinancing has dropped off Yahoo Finance
Today’s 30-year mortgage refinance rates hit lowest levels in 15 days | Oct. 28, 2022 - Fox Business
CFPB Launches Effort to Spur New Opportunities for Homeowners ... - Consumer Financial Protection Bureau
CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post
Why Older People Can’t Get New Mortgages The New York Times
Should you refinance your mortgage to pay off debt? New York Post
VA refinance rates - current VA loan refinance rates today Business Insider
Small Business Loan Refinance Bankrate.com
Current 15-year refinance rates today Business Insider
Refinance Closing: An Overview Zing! Blog by Quicken Loans
What Credit Score Is Needed To Refinance a House | Chase Chase News & Stories
Compare Current 30-year Refinance Rates Business Insider
7 Refinancing Programs for Seniors Total Mortgage