After the housing crisis, subprime lenders seem to go by the wayside. It was rare to find a lender willing to write a subprime loan. Fast forward to today and you’ll find numerous lenders vying for your subprime business. How do you choose the best subprime lender, though? Compare Offers from Several Mortgage Lenders. Keep reading for helpful tips on how to make sure that … [Read more...] about How to Choose the Best Subprime Lender
If you don’t have very good credit, or even if you have poor credit, you may still have options for home financing. Many people mistakenly believe that you have to have ‘perfect credit’ in order to get a home loan. Today that is not the case – you just have to do a little legwork to find a lender with a loan for you. While it won’t be as easy as calling up your local bank and … [Read more...] about What Options do you Have for Alternative Home Financing if You Have Poor Credit?
If you took a subprime mortgage because you had a low credit score, high debt ratio, or some other reason that kept you from getting a mortgage, you may wonder if you can get out of it at some point. The truth is that if you work hard, you probably can get out of a subprime loan. You aren’t stuck with it forever, as they don’t have prepayment penalties in most cases. Looking … [Read more...] about Is it Time to Refinance Your Subprime Mortgage?
You find out that you don’t qualify for a conforming loan. The lender tells you that you have a better chance look at non-conforming loans. What exactly does that mean and why did this happen? Compare Offers from Several Mortgage Lenders. First, we want you to know it’s not a bad thing. You are not automatically going to pay inflated interest rates or closing fees. It’s … [Read more...] about Common Reasons for Needing a Non-Conforming Mortgage
Stated income loans became a thing of the past after 2008, but are slowly coming back. The way you see them now, however, will not be as they were in the past. In fact, it is hard to find “stated income” loans, but you will find them with other names such as alternative documentation loans, asset-based loans, and offer letter loans. Alternative documentation and asset-based … [Read more...] about The Offer Letter Loan – How it Works