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Author: Carrie Reeder Article source: http://www.mb.org/. Used with author's permission.
Have you been turned down for a home loan recently because you have a bad credit history? You may want to consider applying for home financing with a subprime mortgage lender. A subprime mortgage lender is one who specializes in providing financing for people who are difficult for most mortgage companies to finances, it could be because of a low credit score, hard-to-prove income or a combination of those factors with no money to put down.
It can be much easier to get approved for a loan through a subprime lender than with other mortgage loan programs offered by banks and credit unions. The only downside to a subprime loan is that the fees can be higher at closing and the interest rate will be higher. It is smart to apply with a few subprime lenders to compare interest rates. Yes, you will have to pay a higher rate, but make sure the rate is still reasonable. Interest rates are low right now, take advantage of that and get a rate that is reasonable.
Also, remember that you can always refinance later at a lower interest rate when your credit score has improved. Just make sure that there isn't a pre-payment penalty on the loan before you plan to refinance. Most subprime mortgage loans do have a 6 month to 2-3 year pre-payment penalty, meaning that you have to pay a large fee, usually 6 months worth of interest, before you can pay off or refinance the loan. You can expect to have a pre-payment penalty, just make sure you get the shortest amount of time you can before you can pay it off.
Consider applying with a company that will provide you with multiple offers, that will help you be sure you are getting the best interest rate and one of the top subprime mortgage brokers.
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.
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