SubPrime Mortgage Loans
Buy or Refinance with Bad Credit
As more people have seen their fico scores drop our sub-prime lenders have introduced new mortgages for people with bad credit. In most cases, people need a "subprime mortgage" when they have lack of equity low credit scores or difficulties documenting their income. For the first time since the program's inception, rates on loans for people with low credit scores have fallen to a never-before seen level for qualified borrowers. And unlike most high risk lenders, we refer you to companies that do not charge pre-payment penalties when our customers want to refinance.
Compare Lender Quotes on Subprime Mortgage Loans for Refinancing or Purchasing
People that need a second chance loan will benefit from new opportunities from multiple lenders
Learn more about sub-prime mortgage loans for refinancing adjustable rates, bill consolidating, lowering monthly payments and cleaning up bad credit. If your credit scores have fallen recently, a subprime loan or 2nd mortgage may be the perfect interim loan until your credit rebounds
Sometimes waiting for your credit scores to go back up can cost you money. Until your fica scores rise, subprime mortgages can lower your monthly payments by consolidating credit card debt or fixing the rate with your existing adjustable rate loans. Nationwide provides several subprime mortgage programs for buying and refinancing.
The State of Subprime Mortgage Markets
It's no secret that the economy has been all over the map the last 15 to 20 years. With all of the U.S. debt and never-ending turmoil in the Middle East, I don't expect that to change. Uncertainty is typically good for mortgage markets because it keeps rates low. Credit typically loosens as default drop and that usually coincides with an improving job market domestically. The good news is that some of the private money and non-prime sources have grown impatient waiting and it seems that there are a few groups rolling out new risky mortgage programs for buying and refinancing. That means people with credit problems or income documenting issues may see more opportunities to qualify for a subprime mortgage.
Poor Credit Mortgage
It seems that homeowners needing access to money never goes out of style. Today, people continue to refinance for the purpose of obtaining cash so they can consolidate their debts. That's the most popular use of cash out funds, according to the participating subprime mortgage lenders.
Especially the consumers stuck with low credit scores or past bankruptcies have been focusing on the subprime loan programs.
Did you know you may be able to significantly reduce your current interest rate as well as lower your monthly loan payment so that you can save thousands of dollars each year? We also offer subprime mortgage programs that are government insured. Frequently people that have past credit issues run into speed bumps and pot holes on the road to getting a mortgage approved. We have streamlined the research process so you only have to consider real offers from trusted subprime lenders and brokers.
Rate & Term Refinance
The rate and term option is simply when a homeowner revises their interest rate or term on their lien without increasing the amount borrowed for cash out or consolidating debt. /in some cases you may be able to borrow up to 100% of the value of your home! FHA approves refinancing to borrowers that typically need a subprime home loan, but the rates are low. Before committing to a subprime mortgage with a higher interest rate, we suggest researching the government loan programs because the pricing is competitive and the fees associated are typically nominal.
Jumbo Mortgage or Non-Conforming Loans
These loans do not conform to the guidelines established by Fannie Mae or Freddie Mac or exceeds the conventional loan limit is called a Jumbo loan. These non-conforming loan amounts can go up to two million dollars. Unless you have good credit and some equity you may need a subprime mortgage lender to refinance your jumbo loan. Did you know that we can match you with some of the only non-conforming lenders that provide sub-prime financing to borrowers with low ficos?
In a recent report, the HL Wholesale revealed new statistics that many subprime mortgages were actually performing better than in recent years. They indicated that there were less defaults and the delinquency rates had fallen as well. Read more about subprime lenders online.