If you have a dream about owning your own home and applying for a mortgage then you may be a bit nervous at the present moment. While having your own home is the American dream, the high prices involved can be overwhelming.
If you have a dream about owning your own home and applying for a mortgage then you may be a bit nervous at the present moment. While having your own home is the American dream, the high prices involved can be overwhelming.
Bank managers are probably the most risk-averse individuals you are likely to meet without proof of a regular salary and sound financial track record you may presume a frosty reception when you ask about borrowing.
Mortgage backed securities are securities that are backed by the principle and interest payments on a group of mortgage loans. Lenders group together mortgages and the money that is repaid by the borrowers’ pays investors in the mortgage backed securities.
In the old days if your credit history was less than perfect, the only mortgage you would be offered would be one with extortionate interest rates from a shady broker. Nowadays, there are more sympathetic lenders who will offer you a bad credit mortgage without charging you sky-high interest charges. And because there are more lenders out there now offering these non-standard mortgages, it has driven the interest rates on them down which is good news!
What is a stated income second mortgage? A stated income second mortgage is one that does not require the borrower to prove income stated on the application. This is most advantageous to self employed and contract workers who receive a 1099 instead of a W-2 as they would have a difficult time proving their income. Stated income mortgage loans are the most commonly used and usually the least expensive of the no documentation types of mortgages.
Refinancing a first and second mortgage requires some extra considerations. Depending on your equity, you may find that combining the two mortgages results in a higher interest rate. You may also find that you have to carry PMI with the refinanced mortgage.
Will Refinancing Benefit You?
Refinancing two mortgages allows you to consolidate your loans into one payment, often lowering your monthly bill. You may also find lower rates under the right circumstances.
Those w…
Finding a �no money down� mortgage loan is actually easier for someone with poor credit. Subprime lenders are more willing sign off on these deals than conventional lenders. But before you jump into a mortgage contract, make sure you understand the terms and are getting a good deal.
Benefits Of A �No Money Down� Mortgage
A �no money down� mortgage allows you to buy a home with little to no money due at closing. In essence, you are trading a rent payment for a mortgage p…
If you are thinking about selling, buying or possibly refinancing your home, you�ve probably been doing a little research into mortgage rates. It is important to not only find a home in your price range, but also to obtain a loan that matches your budget.
The CML (Council of Mortgage Lenders) show that nearly 6 Million people have received mortgages that are interest only. Interest only mortgages means that your monthly payments are applied only to the interest accrued on the debt and not the actual debt itself
Subprime hybrid mortgages offer temporarily low rates for borrowers while they work to rebuild their credit. With a sub-prime hybrid mortgage, you don�t have to pay PMI, saving hundreds a year. After two or three years of on time payments, you can then refinance for conventional mortgage rates.
Hybrid Mortgage Basics
Since so many people refinance their home loans after they have reestablished their credit, lenders created a mortgage to offer maximum flexibility for bor…
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