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描述:What’s Going to Help You Get Approved? – To get 100% financing on your mortgage, that means that you have no down payment, which puts more emphasis on the other ...
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Title:   100% Financing – No Down Payment Home Loans For People With Bad Credit Or Past Bankruptcy
By  in Uncategorized
Apr
15
What’s Going to Help You Get Approved? – To get 100% financing on your mortgage, that means that you have no down payment, which puts more emphasis on the other factors going toward your mortgage loan. For example, you will need to be stronger in the areas like income, employment, recent payment history, low debt-to-income ratios. If you can strengthen some of these factors you will have a better chance of getting approved. If you can find a home with a low loan-to-value rate, that may also help your chances of getting approved. Search around. Try to find a home that is being sold for much less than the appraised value.
What’s Going to Hurt You? – A super recent bankruptcy or foreclosure. Although it is not impossible to get financing under these circumstances, it makes it more likely that you will need some kind of a down payment.
Watch Out For Sub-prime Mortgage Scams – Borrowers with poor credit are often the target of inflated interest rates and excessive fees. With adverse credit history, you can expect to pay a slightly higher interest rate, but make sure you compare at least 2-3 other loan offers to be sure that your interest rate is competitive.
What About After Bankruptcy Mortgages? – You can expect to wait 2-3 years after the bankruptcy discharge date before mortgage lenders will be completely open to working with you. However, it’s not impossible to get approved for a mortgage loan before that time, you just may need a small down payment.
Beware of the Pre-Payment Penalty – Mortgage lenders lending to people with bad credit usually tack on a pre-payment penalty to the borrowers mortgage loan. If you are ok with a pre-payment penalty, make sure it is for a reasonable length of time, maybe 6 mo. to a year. You don’t want to lock yourself in to higher interest rates for very long.
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30 Year Fixed Rate Refinancing
By  in Uncategorized
Apr
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30 year fixed rate mortgages are the “classic” mortgage in America (though they are not quite the original mortgage, in fact the concept originated during FDR’s presidency over 60 years ago). Fixed rate mortgages have been exceptionally popular for three generations in America, and there is good reason:
- Fixed Rate Mortgages are predictable, reliable and widely available.
- What fixed rate mortgages are not is flexible, nor are they perceived as affordable.
That’s beginning to change, as rates rise in the broader mortgage markets, adjustable rate mortgages, or ARM loans, are providing fewer and fewer advantages over fixed rate mortgages, except for the fact that most of the popular Option ARM or Cash Flow Option loans available in the market are in fact adjustable rate ARM mortgages. But in the past several months, new programs hav