Find the Type that’s Right for You
Own a home or drive a car while you work on improving your credit. Connect with a lender specializing in subprime loans. Get a loan term and interest that fits your needs and budget.
Fixed Rate Lenders
Just like prime loan providers, a subprime lender can provide you with a 30-year fixed rate mortgage. This ensures that interest rates remain constant throughout the life of a loan. Know what options are available to you today!
Adjustable Rate Lenders
Getting a raise at work or transitioning to business can have a good t on your financial future. An adjustable rate mortgage allows you to leverage off these positive changes to obtain a shorter loan term but still have manageable monthly payments.
Lenders – FAQ’s
What is a mortgage?
A mortgage or a mortgage loan is money a borrower gets from a lender to finance the purchase of a real estate property. In exchange, the borrower pays back the lender the money he owes on a regular basis with an agreed interest.
The property in question also serves as the collateral for the loan which means that when the borrower defaults on his/her payments or is no longer able to pay the loan, the lender
or the bank takes the property.
What requirements do I need to apply for a mortgage?
Usually, lenders would require you to submit documents that would verify your income, assets and employment. They include:
- Your Social Security Number
- Pay slips usually from the last two months of employment
- Salary and tax information within two years in W-2 data
- Bank statements from the previous two or three months
- Federal tax returns information for the past two years
- Your credit information
What is ARM or Adjustable Rate Mortgage?
Mortgage loans that change in interest rates after a fixed period of time is what is known as an adjustable rate mortgage. They have lower initial interest rate offers compared to the more popular fixed rate mortgage. This is to compensate for the risk owing to rates that could unpredictably bounce to the extremes throughout the loan term.
What is a fixed-rate mortgage?
A fixed-rate mortgage is mortgage that sustains the same interest rate throughout the life of the loan. It is the more popular mortgage loan choice among borrowers and comes in terms of 10 years, 15 years, and 30 years.
What is a credit score?
A credit score is a number determined by the three national credit bureaus Equifax, TransUnion, and Experian which reflects an individual’s credit history and which is used by lenders to determine a borrower’s ability to repay a debt.
What is an escrow?
An escrow is a bond or a deed that is held in custody of a third party. This holds as a trust and the conditions in which a sale takes effect is only applicable once specified terms have been met. This precedes a sale and is important in ensuring a property is turned over in good condition to the buyer.
How much should I pay for a down payment?
There are many loan programs and each require differing down payment costs. FHA loans for example, only require a 3.5% down payment as opposed to the common 20% requirement in conventional loans. Meanwhile, a VA loan can be obtained without a down payment.
What is refinancing?
In basic terms, refinancing (“re” means again) means getting a new loan to pay off a loan.
When does it make sense to refinance?
Refinancing is an option to consider when you want to pay off loans with high interest rates or you want to shorten the term of your loan. However, it only makes sense to invest in refinancing when: a) your property has increased its market value b) interest rates have decreased and c) you have been making payments for a property amortized for 30 years for less than ten years.
What is a foreclosure?
It is an unfortunate end to a mortgage deal in which the bank or the lender takes possession of a borrower’s home or property as a result of his/her failure to continue making the agreed payments.