Maybe you knew going into your marriage that your spouse had a poor credit score. Maybe you didn’t, though. Either way, the end is the same. You may have trouble securing a mortgage. Before you subject yourself to renting for the rest of your life, consider these steps. Apply on Your Own Many couples assume […]
What to Do When Your Home Loan Is Declined
If you have ever had a home loan declined, you know the despair you can feel. Are you stuck renting for the rest of your life? Luckily, you probably aren’t. There are ways you can obtain approval. First, you must find out the reason the bank turned you down. By law, they must provide you […]
Are Closing Costs Higher on Subprime Mortgages?
Closing costs are a part of almost any loan. Of course, you want to find the lowest fees possible. Sometimes you don’t have a choice, though. You have to pay the fees to get the loan closed. The big question surrounds subprime mortgages. Do you pay higher fees for this type of loan? Of course, […]
How are Subprime Mortgages Different Than Hard Money Loans?
If you have less than perfect credit, you might find it harder to secure a loan. Maybe you even have great credit, but your income is inconsistent. No matter the case, you have options. The most common are subprime mortgages and hard money loans. While they are both for borrowers who don’t qualify for any […]
Is Your Credit Score Good Enough?
It’s the common worry among consumers. “Is your credit score good enough?” No one can answer that question 100%. You can look at your score and see where it falls within the category ranges. But even that doesn’t tell you if it is “good.” It’s a relative answer. It depends on who you ask. It […]
How Revolving Credit and Installment Credit Affect You
Receiving a new credit card is exciting. The possibilities of what you can do with it likely jump around in your head. But, before you start using that card, you should know how it affects you. Not using your credit card responsibly could seriously harm your credit score. Did you know that even a small […]
Are ARM Loans Making a Comeback?
ARM loans topped the charts in defaulted loans during the housing crisis. Why would anyone even consider this loan type today? Not only are people considering it – these loans are becoming more and more popular in 2017. What’s the catch? There really isn’t a catch. It’s a matter of survival. Interest rates are rising. […]
Options to Secure a Mortgage After Foreclosure
You lost your home in foreclosure and now you feel like your dreams of homeownership are forever lost. The good news is, you can become a homeowner again. The bad news is, you must wait. Just how long you must wait depends on the lender and the type of loan you want. The waiting periods […]
The Benefits of Getting Pre-Approved for a Subprime Loan
When you shop for a home, sellers and realtors prefer to see a pre-approval letter. This is like an invitation to view the home. In fact, some sellers and realtors often refuse to show a home to unqualified borrowers. This includes those who did not get pre-approved for a loan before looking at homes. You […]
The Differences Between Prime and Subprime Mortgages
Two of the most common terms you will hear in the mortgage industry is prime and subprime. The two terms both refer to types of mortgages. However, they mean very different things. You either fall into one category or the other, rarely do people fall into both categories. There is not one category of loans […]