Subprime Mortgage Lenders - Helpful Tips When Getting a
Subprime Mortgage Loan
If 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
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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