Sub-prime mortgage loans gives people options, including those with bad
credit. Sub-prime lenders don't have to follow conventional
underwriting rules, so they can work with anyone, regardless of their credit
background. They can also provide more lenient terms than traditional
lenders.
Qualifying For Sub-Prime Financing
Basically, anyone can qualify for financing with a sub-prime financing
company. No matter your credit situation, even if you are just out of
bankruptcy, you can apply with a sub-prime lender.
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They also work with people who have excellent credit but need more
flexible loans. For instance, if you want a loan above the conventional
caps, you will have to work with a sub-prime lender to get a jumbo loan.
100% cash out refinancing is also easier to get with sub-prime
companies.
Refinancing Options With Sub-Prime Lenders
Ideally, refinancing your current mortgage should lower your rates and
monthly payments. Sub-prime lenders can do this, along with offering
you cash out options. So whether you want all or part of your equity, you
can usually cash it out at lower rates than if you took out a second
mortgage.
Refinancing can also improve your caps if you have an adjustable rate
mortgage. Just remember that caps, if too low, can extend your loan
period. When negotiating caps, it's important to read the fine print and
know how they will affect your loan period.
Shopping For A Financing Company
Give yourself enough time to shop for your next mortgage company so you
can be sure you are getting the best deal. Rates can differ widely
between sub-prime lenders, so look at a number of different companies. Also
remember that many traditional financial companies also offer sub-prime
loans. So you have more choices than ever before.
To get the most out of your researching, ask for loan estimates on the
same refinancing package. That way you can quickly compare similar
numbers. Also look for any additional fees, such as early payment
penalties. Sometimes these fees can be eliminated through a quick chat with the
lender.
Searching online for information on lenders will speed up the
refinancing process. In no time, you can be approved for your new mortgage and
start saving money.
Try using one of ABC Loan Guide's Recommended Poor Credit Mortgage Refinance Lenders.
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