Home Mortgage

Minnesota Home Mortgage Section


 

Minnesota Home Mortgage Navigation


|

Stress and Anxiety Guide Home Page
Tell A Friend about us
Best Refinance Home Mortgage |
Current Home Mortgage Interest Rates Colorado |
Fha Home Mortgage Loan California Refinance Loan |
Florida Home Mortgage Rates Loans Mortgages And Refinancing |
Home Mortgage Information |
California Refinance Home Mortgage Home Equity Loan |
Loan Bids Home Mortgage Loans Refinance In Lon |
Home Mortgage Financing Rate Quotes |
Pennsylvania Home Mortgage Loan Rate |
Refinance Home Mortgage Rate Calculator In The Us |
Home Mortgage Interest Rates Michigan |
Va Home Mortgage Loan Rate |
Home Mortgage Loan Rates |
Home Mortgage Lending |
Home Mortgage Loan Refinancing |

List of home-mortgage Articles
Sitemap



Social bookmarking
You like it? Share it!
socialize it


Main Minnesota Home Mortgage sponsors


 

Newest Best Sellers


 

Welcome to Home Mortgage

 

Minnesota Home Mortgage Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.


You may also listen to this article by using the following controls.

Subprime mortgages: A growing option for customers with bad credi

from: Syd Johnson




Subprime mortgage are home mortgage loans to consumer with poor credit histories. This category includes customers with late payments, foreclosures, bankruptcies and more on their credit applications. It also includes some first time buyers and people without a long credit file.

If you are new to the country of for some other reason was shut out of financing for a while, you might not have enough information on your credit file about your spending habits, credit cards and more to warrant a regular mortgage application.

Subprime mortgages are designed to accommodate high risk clients. In the real estate financing industry high risk always comes with high interest rates. It is not unusual for a subprime loan to carry rates that are three points or more above the national average. In addition, the loan amounts tend to be a bit smaller.

How do you know if you are a candidate for a sub prime home mortgage? If you have been turned down by local lenders based on your credit and payment history then you might fall into this category. If there are problems in your file that cannot be corrected within a year or two then you might want to start looking into sub prime home loans.

On other hand, if you have a few problems in your file but there is a chance you can get them cleared up within two years or less, you might want to focus on cleaning up your file. Once you are done, your FICO score will probably go up and you can try again to get a regular home loan.

About the Author

This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor








 

Minnesota Home Mortgage News