|Mortgage Refinance Information|
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.
Self Employed Mortgage Loan ? Getting a Mortgage When You?re Self Employed
Being self employed has many benefits. When you are self-employed, you can write off all of your deductions on your taxes. You have the potential to make more income than someone who is employed by someone else. You have the freedom to be your own boss. One of the few times when being self employed has some drawbacks is when you go to get financing for a home or a major purchase. But, here are some things to know that can help you make the mortgage loan process run smoothly when you are self employed.
Advantages and Disadvantages Of A Reverse Mortgage
Betty and John, are in their mid-seventies and are currently weighing the advantages and disadvantages of a reverse mortgage as a way of freeing up some cash. The couple purchased their home 45 years ago for about $14,000 since then home values have skyrocketed and recent single family homes in their neighborhood have been selling for a minimum of $160,000.
Cardinal Principle of Homeowner Personal Loans ? It is a Solution for Any Sort of Financial Funding
You bought a house and you were promoted to the position of a homeowner. It was perhaps the most important decision of your life. Now you are taking a loan and it is going to be a decision that will affect your financial plans henceforth. What if we join these two life changing things ? homeowner and loan? The result is 'homeowner loan'. The result is a Good loan but there is a scope for improvement. Let us join 'personal'. The result is Homeowner personal loan. Now, that is one commendable loan type.
How to Shop Around for the Cheapest Mortgage Deal Online
Before you start shopping around for a mortgage, you need to establish exactly what you want so that you do not waste your time looking at deals that will not save you money. You should also learn how to compare mortgages or choose what features of the finance package are important to you.
Mortgage and Credit Card Companies Under the Spotlight on Consumer Charging
For the first time since May 1996 reports have indicated that wage increases have risen faster than house price inflation. According to Nationwide, "The overall picture remains one of a gently softening market".
Home Loans and Mortgages ? Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes ? home improvement, debt consolidation, vacations, and more. The loans, backed by the value of the house itself, come with attractive interest rates and the added bonus of tax deductible interest. That interest, however, is often variable, adjusting up and down with changes in market conditions. At the moment, conditions are such that interest rates for adjustable rate loans are increasing while rates for fixed-rate loans are still fairly stable. This is probably a good time for homeowners with variable rate equity loans to consider consolidating their primary mortgage and home equity loan into a single entity.
Some of the Available Loan Types
There are many mortgage products available on the market today. We can help you find out which one is right for you. Here are the most common options.
In the US today more households have mortgages than ever before. In fact the chance of you having or knowing someone who is paying off their mortgage is greater than 50%. You would think that because they are so common most people would have a good idea on how they work. Surprisingly that is not the case, in fact the majority of people who are currently paying off their mortgages know little more than their monthly payment information. In this market it pays to be an informed consumer. So what should you know?
Refinancing Your Home Mortgage - Get Up To 125% Cash From Your Homes Value
With the low interest rates being offered by lenders today, now can be the perfect time to refinance your existing mortgage. Remember that you do not have to refinance your home through the same lender that provided your initial mortgage. Lending institutions are offering competitive terms and rates, with some lenders offering home loans up to 125% of the value of your home. Compare your current interest rate to the rates being offered by a variety of lenders and make sure the costs involved in refinancing your home will be worth your time and effort.
Types of Home Equity Loans
There are at least two types of home equity loans.
Should You Refinance?
There are several reasons that might make someone consider refinancing their existing mortgage. One would be to get a lower interest rate than what they currently have, thereby reducing monthly payments and lowering the overall cost of the mortgage. Another is to shorten the length of the loan, which can save quite a bit in interest payments. Thirdly, someone may have other debts that they wish to pay off, and refinancing may provide them a means of consolidating that debt into one overall lower payment.
How to Find the Lowest Rate Possible!
The quest is on! You're in the market for a new home loan, a refinance, or a consolidation and you absolutely insist on finding the lowest rate possible! So what better place to do your research, then here on the internet, late at night, with your coffee in hand, and your family fast to sleep!
Lesser Known Facts About Home Equity Loans
Refinancing your debt via a home equity loan shifts your debts loan to your home. The flip side to such a move is that your home is on the line. However, tax deductions on interest repayments make it an attractive proposition. Moreover, in such a case of loan consolidation, it makes financial sense to go for a fixed term equity loan.
What is a Remortgage?
A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property.
Look For a Great Mortgage Online
People who are looking for a mortgage today have many more options than those who were searching for a mortgage a few years ago, thanks to the Internet. Consider how technology has changed the way we do many things, including shopping for products and services - including loans and mortgages. This change is largely due to the sheer number of people who log onto the Internet every day and businesses that see the opportunity to tap into that market.
Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan With Good Credit
Sometimes so much is talked about how to solve the problem of having bad credit, but what about when you have an excellent credit rating? Good credit is considered to be a credit score of 650 or higher. How can you get the best interest rate and loan terms to make your good credit history work for you? Even with excellent credit, you have to be careful not to get talked into a loan that may not be the best one you could qualify for. Here are some tips to help you find the best loan for your great credit history:
The Debt Test: Are You Making Out a Mountain Out of Your Mortgage?
According to the Council of Mortgage Lenders, first-time buyers are the most susceptible group of homeowners to debt, as they are more likely to have higher loan-to-value ratios and commit a higher proportion of their income to mortgage repayments. Despite their susceptibility to debt, there is evidence which indicates that insurance take-up and employee benefits provide recent first-time buyers with a safer foundation than the general population of mortgage borrowers.
When Not To Agree To A Home Equity Loan
Before you borrow money on your home's equity, think twice so you don't end up paying more than you expected.
Home Loans and Mortgages ? Beware of New ?Mortgage Elimination? Scam
The booming real estate market has allowed many Americans to become "equity rich." They may not have a lot of cash on hand, but they might have equity in their homes worth several hundred thousand dollars or more. Unfortunately, this increase in home wealth has spawned an equally booming business in equity theft, as more and more thieves find increasingly clever ways to con homeowners out of their equity, their homes, or both. One clever new scam involves companies that promise to completely "eliminate" a homeowner's mortgage. For a fee of a few thousand dollars, these companies claim that a homeowner can have a free and clear title to their home without paying off the remaining debt. How does this scam work?
Applying Online For A Home Loan Can Give You an Instant Approval
"Instant Approval For Home Loans" is a common refrain for online mortgage lenders, but sometimes instant is longer than you think. During regular business hours with a typical application, you can expect the databases to approve your application almost immediately. However, any glitch in the system will require the intervention of a person, which adds a time delay.
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