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Subprime Mortgage Lenders - Helpful Tips When Getting a Subprime Mortgage Loan
from: Carrie ReederIf you have bad credit history, no down payment or difficult to prove income and are looking to get approved for a home mortgage loan, you will probably need to look at subprime mortgage lenders to help you. To see a list of our recommended subprime mortgage lenders you can click on the link below.
There are a few things to know about subprime mortgages lenders. They specialize in providing mortgage loans for people with less than ideal situations, whether it be difficult to prove income, low or poor credit scores (most often the case with subprime mortgages), or no down payment (this factor alone will not necessarily put you in the subprime loan category).
The interest rate on a subprime mortgage loans will be higher than any other type of mortgage loan where credit, income and down payment are all optimal. However, with subprime mortgage loans, as a borrower, you need to be careful about a few things when dealing with subprime mortgage lenders.
The interest rate with subprime mortgages can vary greatly. There are some subprime mortgage lenders that, for the same set of qualifications, can offer an interest rate of say, 7%, which is a little above average, and then there will be others who will quote 9-12% or more. Now, if this is all for the same qualifications, you could be talking about hundreds of dollars a month extra in payments just because you are not getting a fair interest rate for your qualification. This is where the borrower needs to be careful. Make sure you are getting the best interest rate possible with your subprime lender. Some subprime lenders take advantage of borrowers with bad credit or hard to approve situations, and they charge much more in interest than what is fair for to the borrower.
Another way subprime mortgage lenders can take advantage of unsuspecting borrowers is by the lender having a pre-payment penalty on the loan that is unreasonable and not fair to the borrower, based on their qualifications. A typical subprime mortgage loan will have a 6 month to a 2 year pre-payment penalty. However, sometimes a subprime lender will offer a loan with a 3 year or higher pre-payment penalty. That is too high, I think a 2 year pre-payment penalty is high, but any higher than that, and you should probably keep looking for a new lender.
Other than a couple of things to be careful of when dealing with subprime lenders, getting approved, even with a slightly higher interest rate, can be a really great thing for you to buy the home you want.
To see our list of recommended subprime mortgage lenders, visit this page: Recommended
Subprime Mortgage Lenders
About the Author
Carrie Reeder is the owner of ABC Loan Guide. It is an informational website about various types of loans. The site has informative loan articles and the latest finance news.
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Mortgage Refi St Louis Specific links
Mortgage Refi St Louis News
NorthMarq closes $9 million refinancing for Ronnie's Plaza - St. Louis Business Journal
NorthMarq closes $9 million refinancing for Ronnie's Plaza St. Louis Business Journal Commercial real estate finance giant NorthMarq closed a $9 million first mortgage refinance for Ronnie's Plaza, a nearly 190000-square-foot retail center located on the northwest corner of South Lindbergh and Baptist Church Road in St. Louis County. |
NorthMarq Arranges $9M Refi for Ronnie's Plaza - CoStar Group
NorthMarq Arranges $9M Refi for Ronnie's Plaza CoStar Group By Despoina Sideri NorthMarq, one of the largest private commercial real estate financial intermediaries nationwide, arranged the refinancing of a first mortgage for Ronnie's Plaza in St. Louis, MO, amounting to $9 million. The terms of the financing ... |
NorthMarq closes $9 million refinance for 189000-square-foot St. Louis retail ... - REjournals.com
NorthMarq closes $9 million refinance for 189000-square-foot St. Louis retail ... REjournals.com Jeff Chaney, senior vice president and managing director of NorthMarq's St. Louis regional office, recently arranged a first-mortgage refinance in the amount of $9 million for Ronnie's Plaza, a 189309-square-foot retail center in St. Louis. |
Senior Housing Finance Activity: Red Capital, Five Star Quality Care, Berkadia - Senior Housing News
Senior Housing Finance Activity: Red Capital, Five Star Quality Care, Berkadia Senior Housing News The AFL-CIO Housing Investment Trust is providing $6.6 million in financing for two existing low-income senior housing projects in Shrewsbury, Missouri, according to the St. Louis Business Journal. The money will go toward renovation the St. Joseph and ... |
Minutes Of The FOMC Meeting May 16 [Full Transcript] - ForexTV.com
Minutes Of The FOMC Meeting May 16 [Full Transcript] ForexTV.com Although mortgage rates remained near their historical lows, mortgage refinancing activity was subdued, and conditions in residential mortgage markets continued to be weak. By contrast, consumer credit rose at a solid pace, on balance, in recent months ... |