Monthly Archives: March 2006
Bankruptcy And Buying A Home ? Types Of Bad Credit Mortgage Loans
Posted March 31, 2006 – 10:00 pm in: Foreclosure, Mortgage rates, Mortgage recovery, rating agencies, refinanceBuying a home after a bankruptcy doesn?t limit the types of mortgage loans you can qualify for. If anything, you have more loan options with subprime lenders. However, depending on how soon your bankruptcy was resolved, you may find that you pay higher rates and down payments to secure your home financing.
Available Bad Credit Home Loans
In recent years, subprime lenders have come up with a number of new financing terms for home loans. So even with adverse credit, you can still get 100% financing or a 30 year fixed rate mortgage. Interest only loans and adjustable rate mortgages are also good options to increase your buying power.
If you are looking to secure financing over the conventional price caps, then subprime lenders can also offer you jumbo loans. All loan terms are flexible, as well as fees and conditions.
Hurdles Of A Bankruptcy
Right after a bankruptcy, your credit score will require you to put down a sizeable down payment with lenders, usually around 50%. But after the first year, you can reduce your down payment to just 25%. In two years, you can qualify for zero down and conventional rates.
It is only after the first two years of a bankruptcy that your credit score will be significantly affected. After that, financing companies look at other facets of your credit, such as payment history, debt ratio, and employment outlook.
Get A Better Deal With A Better Lender
Subprime lenders compete for your business by offering low rates and fees. While there are certainly some companies that would take advantage of your credit situation, you can protect yourself by being a smart consumer.
Start by researching a number of loan companies. Ask for loan quotes based on your credit and income. After looking at the APR and fine print, you can make a decision on which mortgage loan is right for you.
You can also get pre-approved for your home financing. Not only will it help you in the home buying process, but it will also give you an idea of your financing budget. With online lenders, you can complete your application in minutes and have funds available in as little as two weeks.
Visit <a href="http://www.abcloanguide.com">http://www.abcloanguide.com/lessthanperfectcredit.shtml</a> for a list of after bankruptcy mortgage lenders. View our recommended lenders to help you <a href="http://www.abcloanguide.com/lessthanperfectcredit.shtml">buy a home after bankruptcy</a>.
No Comments | Tags:Refi Home Mortgage Loan ? Refinance Your Home Online
Posted March 11, 2006 – 10:00 pm in: Foreclosure, Mortgage rates, Mortgage recovery, rating agencies, refinanceRefinance your home mortgage online to get the best rates. With increased competition, lending companies offer better rates online than in their offices. You can also get near instant loan quotes to make refi shopping easy. In a few minutes you can save yourself thousands of dollars, all from the comfort of your home.
Why Online Refinancing Is Better
Refinancing online gives you access to thousands of lenders from across the nation. With so many financing companies seeking out your business, companies have lowered their rates and fees. In some cases there are even additional rate drops for applying online.
Online mortgage brokers also make refi shopping a snap. By giving quotes from multiple companies, you save time. You can also sometimes get a better deal by working with a broker.
How To Get The Best Rates
To get the best rates on your refinancing, select optimal terms. A 15 year mortgage is almost a point less than a 30 year loan. Adjustable rate mortgages also have lower initial rates.
But by far, the greatest savings come from comparing loan estimates. Ask each lender for a quote on the refinance amount and terms you want. Keep the information the same when you request loan quotes from each lender so you have comparable numbers.
Remember too that if you decide you want different terms, you will need to ask for new quotes. One lender may have the best rates for a fixed rate $100,000 mortgage, but a different company has the best rates for an adjustable $50,000 mortgage.
Two Weeks To Refinance
From start to finish, it takes about two weeks to refinance your mortgage online. Submitting your information over a secure server means you can get your loan contract in a day or two. Once your final paperwork has been notarized and received by your lender, the funds transfer is completed.
Paperwork is kept to a minimum with an online application. You can also get a notary to meet you at home, work, or any place. With a cash out, your funds are wired to your account for convenience. All the while, you can rest easy knowing you got the best deal on your refi.
Visit <a href="http://www.abcloanguide.com/refinance.shtml">http://www.abcloanguide.com/refinance.shtml</a> for a list of mortgage refi lenders. View our recommended <a href="http://www.abcloanguide.com/refinance.shtml">home mortgage refinance brokers</a> online.
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