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Sub Prime Mortgages: Not So Easy Anymore
If your credit isn't the best, you might be familiar with sub-prime loans: they're the kind with a high rate for people with low credit…
With the mortgage industry suffering it's worst setback in decades in the past 12 months, the landscape is changing. Money editor Stacy Johnson explains in this 1:33 video.
Leave us your comments or thoughts on the mortgage industry and the current real estate market. We'd love to get your feedback. Just click the comment link below and give us your feedback.
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Foreclosure Scams: Big Business Now
Among the byproducts of the U.S. housing crisis is a surge in scams that cheat people out of their money, their homes, or both, under the guise of offering to rescue them from foreclosure.
Almost every foreclosure rescue program you see advertised anywhere is fraud, and law enforcement lacks the funds to investigate or prosecute all the cases.
As well as extorting money with promises of help that never materialize, other rescue scams include tricking borrowers into signing over part or all of their property. Often, the owners think they are signing a refinancing when they are actually signing a deed of transfer.
If you are in trouble with your lender, or behind on your mortgage, seek help before help finds you! Because the help that finds you may not be help at all. Scam artists are getting slicker and slicker every day in coming up with convincing ways to rob you blind.
If you've been the victim of fraud or some sort of scam, let us hear about it here. Use the comment link below. Your identity is protected, we never publish email addresses on this site, and you can even give us a fake name if you want to, that doesn't really matter. We'd just like to hear your comments. If you haven't been scammed, but know of someone who has… tell them about this website and ask them to come here and tell about their story. Perhaps it will save others from falling prey to the same type of fraud.
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Mortgage Questions: There Are NO Dumb Ones
The old saying, "the only dumb question is the one you don't ask" couldn't be truer when it relates to your mortgage. The more you ask, the more you know. And the more you know, the better decisions you'll make when getting a mortgage.
when you are ready to talk with a mortgage professional to figure out the best loan for your situation, have some information ready. This will help your banker or broker find you the absolute best mortgage.
Some common questions you should ask yourself are:
- How long do you plan on staying in your home?
- Do you think your income will grow substantially in the next 3-7 years?
- Do you plan on starting (or growing) your family in the next 3-7 years?
- Do you put money in a 401k or other long-term investment?
- Are property values rising or declining in your area?
- In order to pay a lot less interest down the road, can you afford a slightly higher payment with a 15-year or 20-year mortgage vs. a typical 30-year mortgage?
To ensure you get the best mortgage for your situation, always ask questions, get answers, ask more questions, and then make your decision. If you think you'll be moving or refinancing in the next few years, consider an ARM. If you know you won't be moving or refinancing, consider a 30-year or a 15-year fixed.
Isn't saving a lot of money worth asking a few questions? If you have one now.. use the comment link below and ask away! If we don't know the answer, we'll get it for you!
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Home Mortgages with Bad Credit
2 points to keep in mind with a mortgage loan for people with bad credit:
Finding a bad credit mortgage could take a while. The reason it can take a while is, most of the high street banks and financial institutions have shareholders. They usually want to make safe bets on people who will pay on time, and complete on time, so they can protect their investors.
Most bad credit home mortgage lenders will charge you a higher rate of interest. This is due to the risk factor. Someone who is more likely to pay back is a safer person to lend to than someone who has a bad credit rating and seeks a bad credit mortgage.
You may not be able to go to the big financial organizations, however, there are many places offering mortgage loans for people with bad credit. The process begins with research. Even with the best credit file and credit score, you want to research the best mortgage rates available for your circumstances.
Make sure you keep an eye on what the bad credit home mortgage offers. Many mortgage lenders will offer you a bad credit home mortgage at the best home mortgage loan rate initially, only to increase it later on.
Do not apply for every bad credit home mortgage you see. Every time you apply for a mortgage, you ultimately get the search appearing on your credit file. This is used by mortgage lenders, and if they find too many searches, they may decline you simply on that basis. This is why researching bad credit home mortgages before choosing one is so important.
You can still find bad credit mortgages. All that is required is spending the time to narrow your search to 2 or 3 mortgage lenders. Try speaking to a home mortgage broker, you may find you can get the best home mortgage loan rate for your needs after all. Always make sure you learn about the details of the fine print. This is why it is important to use the help of real estate professionals who can handle the paperwork, and know what to look out for.
Please don't hesitate to contact us if you need assistance!
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