If there’s one common worry borrowers have, it’s that their loan officer is ripping them off. If you aren’t familiar with the mortgage industry, it can seem rather easy to rip you off. How would you know any different, right? That’s why you need to educate yourself about mortgages before you apply for one. The […]
Don’t Make These Common Mortgage Missteps
Getting a mortgage can be exciting. It’s so exciting that many people make some pretty common mortgage missteps. Because this is the largest investment you will likely make, you should proceed with caution. Read our guide to see how to avoid the most common mistakes made today. Major Mortgage Missteps Following are some of the […]
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, […]
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 […]
On SUVs, Auto Financing and Subprimes
An SUV is one mean muscle machine. It has the power and function of a light truck but is handled like a family vehicle. Not to mention, sport utility vehicles are some of the most beautiful vehicles that exist today. Known for being tough and badass, this automotive vehicle is in a league of its […]
How the Ability to Repay Rule Affects Subprime Loans
Believe it or not, subprime loans are still around – they just have a different name. Yes, the requirements are a little stricter than they were before, but not by a lot. They are not required to follow the same guidelines as conventional loans that must meet the Qualified Mortgage Guidelines, which means that your […]
Simple Ways to Work around Thin Credit on a Mortgage Application
When you fill out a mortgage application, the first thing the lender is going to do is pull your credit. If you are just starting out in terms of your credit, you might not have enough trade lines to create a credit score. How do you get around this scenario, called “ thin credit”? Luckily, […]
Three Ways to get your Subprime Loan Application Approved
A subprime loan application typically means that the borrower has less than optimal credit, but that does not mean that getting a loan is impossible. With the right steps, even people with less than perfect credit can get a mortgage loan today. Lenders are beginning to ease up on their tight restrictions in order to […]