Welcome to Home Mortgage
Uk Home Mortgage Refinance Rates Article
. 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.
Bad Credit Mortgage Loans Online - How Your Fico Credit Score Can Affect Your Loan Approval
from: Carrie ReederWhen applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.
With a credit score below 585, you will need to put at least 10-20% as a down payment on the property. You will not likely be approved for 100% financing at this point.
If you have a credit score of between 585-599, you will probably need around a 5% down payment in order to get an approval for a home mortgage loan. You will still need to get your approval from a subprime mortgage lender. You will need to use a lender who specializes in loans for people with "less than perfect credit" or situations that make it difficult for a person to get financing for their home.
If you have a credit score of 600 - 620, you will probably be able to get an approval for 100% financing. You will also, in this situation, still need to use a subprime lender.
With a credit score of 620 or higher, you may be able to not only qualify for 100% financing, but be able to get a lower rate of only 1 - 2 percentage points above the prime rate.
If you have a recent bankruptcy or foreclosure, these estimates should still be accurate within 2 years after bankruptcy, repossession or foreclosure. After 2 years, it becomes easier to get approved for a mortgage loan, because more lenders will look at financing you after 2 years, whereas many lenders will not even consider your application until 2 years from the time of bankruptcy discharge or a foreclosure. After a 3 year mark from the time of bankruptcy or foreclosure, it becomes even easier to get an approval, in that many more lenders will consider your application after 3 years.
About the Author
Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans. If you would like to see our list of recommended lenders for bad credit mortgage loans online, visit this page: http://www.abcloanguide.com/lessthanperfectcredit.shtml
Uk Home Mortgage Refinance Rates News
UK home loans should remain low until 2016
Home loans in the UK will remain affordable until 2016, at a base rate of 0.5 percent, according to the Centre for Economics and Business Research, an economic think-tank.
Read more...US mortgage applications fall 2.9%
Mortgage applications in the US declined last week despite the easing of interest rates, according to the latest Mortgage Bankers Association (MBA) survey, which covers more than 75 percent of the country's retail residential mortgage applications.
Read more...US mortgage applications surge 23.1%
Mortgage applications in the US rose by more than 20 percent last week, driven by a surge of refinancing demand as interest rates decreased, according to a Mortgage Bankers Association (MBA) survey.
Read more...US mortgage applications fall as interest rates rebound
Mortgage applications in the US decreased, owing to a rebound in interest rates from record lows, according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Assoc
Read more...Higher mortgage costs and more repos
An obscure clause in the Bank Capital directive being worked on by the European parliament means UK homeowners could face a greater risk of foreclosure and higher mortgage costs.
Read more...Debt crisis: as it happened, February 3, 2012
The FTSE 100 has closed at a seven-month high after US data showing more US people are in work boosted global markets, while Greece announces it is to auction €625m of Treasury bills next week.
Read more...How Long Until People Raise The Alarm About Britain?
There is a relative silence in the international financial press when it comes to Britain. The economic situation of continental Europe gets almost all the attention.
Read more...