Subprime Morgage Lenders - Refinance Information About Subprime Morgages...
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The primary benefit of a Subprime Morgage is the ability to get a loan for which one otherwise would not qualify. The opportunity to get this loan, of course, comes with a price: a higher interest rate and a some risk. This is due to the typical features of a submrime laon which can include higher than normal interest rates, prepayment penalties and Adjustable Rate Features that can cause the monthly payments to dramatically increase after the initial 2, 3 or 5 year 'Fixed Rate Period' expires. On account of these features one must enter into such a loan with a sense of responsibility and an understanding of the long term effects of such features.
Indications That A Subprime Morgage is Right For You
There isn't an official guideline or profile to determine whether or not a borrower fits the subprime mold. However, there are a few indications that you are likely to fit into this category.
Two or more morgage late payments in the last twelve months, or either a 60 or 90 Day Late on your morgage in the past 12 months
A credit score less than 620. It should be noted, though, that many borrowers with scores between 580 and 620 can still qualify for traditional loans providing their credit profile isn't marred by morgage late payments or recent judgements, charge-offs and bankruptcy
A 'Debt to Income Ratio' greater than 50%
The inability to document income and/or assets when coupled with a credit score of less than 660
The inability to verify employment with a credit score of less than 680
Bankruptcy, Defaults, Judgements, etc within the last 2 to 3 years
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What Are Subprime Morgage Companies?
Subprime morgage lenders offer loans to homeowners who don't qualify for standard rates and programs due to one or a combination of the following: less-than-fair credit history, issues with documenting sufficient income and/or a high Loan to Value. To a lesser extent issues such as Owner Occupancy (particular for investment properties or second homes) and employment type/history can cause a homeowner to require the assistance of Subprime Morgage Companies.The primary benefit of a Subprime Morgage is the ability to get a loan for which one otherwise would not qualify. The opportunity to get this loan, of course, comes with a price: a higher interest rate and a some risk. This is due to the typical features of a submrime laon which can include higher than normal interest rates, prepayment penalties and Adjustable Rate Features that can cause the monthly payments to dramatically increase after the initial 2, 3 or 5 year 'Fixed Rate Period' expires. On account of these features one must enter into such a loan with a sense of responsibility and an understanding of the long term effects of such features.
Indications That A Subprime Morgage is Right For You
There isn't an official guideline or profile to determine whether or not a borrower fits the subprime mold. However, there are a few indications that you are likely to fit into this category.