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Mortgage Companies - Prime Lenders Vs Sub Prime Lenders

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Mortgage Companies - Prime Lenders Vs Sub Prime Lenders Powered By Docstoc
					Presented by Daniel Toriola
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Mortgage Companies - Prime Lenders Vs Sub Prime Lenders By Carrie Reeder

For the best rates and fees, look to a prime lender to give you top financing due to your excellent credit score. For those with poor credit, turn to a sub prime lender for reasonable rates on mortgage loans. You will also find more flexibility with a sub prime in drawing up terms and conditions in your loan contract. When Prime Lenders Are Best If you have an excellent credit score and a solid financial base, look to a prime lender to get you the market rates and fees. With near perfect payment history and cash assets, you can bank on getting superb rates. To get even lower rates, do some comparison shopping online. Working with a mortgage broker can save you time in your search. You can also negotiate further rate reductions by paying points at closing. But if you are looking at a down payment of 20% or less, you will need to carry private mortgage insurance. Annual premiums cost around a thousand or more. Once your assessed equity value equals 20%, you can then drop the insurance. Special Cases For Sub Prime Lenders Sub prime lenders handle financing for special cases, whether that is bad credit or unique terms. For accepting mortgage applications with higher risk levels, sub prime companies charge slightly higher rates. Of course there are shady lenders who charge excessively high rates and fees. But you can avoid these companies by researching several lenders to find a good deal on a home loan. Sub prime lenders don’t require private mortgage insurance or a stellar credit past. Nearly everyone can qualify for financing; it’s just a matter of what rates and fees you are willing to pay. Where To Find Your Lender

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Nearly all lenders handle quotes and applications online. If you are unsure about which type of lender to turn to, take a look at your credit report. If you are still undecided, ask for loan estimates from both types of lenders. Even within each type of lender, there is a lot of variation in loan costs based on the terms you select. So consider all your loan options when comparing rates and fees.

Visit http://www.abcloanguide.com/lessthanperfectcredit.shtml for a list of subprime mortgage lenders online. View our recommended subprime mortgage lenders online.

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Refinance Mortgage Lenders – Prime Lenders Vs Sub Prime Lenders By Carrie Reeder

Refinancing your mortgage can save you money through lower interest rates and smaller monthly payments. You can also choose to cash out all or part of your equity to pay off bills or to remodel your home. But which lender is best for you really depends on your credit. For those with near perfect credit, a prime lender is your best choice for finding a low rate. But for those with some credit problems or who want flexible loan terms, then check out a sub prime lender for competitive financing. Benefits Of Prime Lenders Prime lenders usually offer the lowest rates with the lowest fees, but only to those with excellent credit. That means no late payments on mortgages or other loans in the last 24 months. You should also have a debt ration of 36 or less, meaning your monthly debt payments should equal 36% or less of your monthly income. With a few late payments, you may still get approved with a prime lender. But your rates will probably be a percent or more over the conventional rate. You may offset this with a large equity base or large cash assets. Benefits Of Sub Prime Lenders Getting approved with a sub prime lender is much easier than with a prime lender. Even if you have had a bankruptcy or foreclosure in the last few months, you can get a refi mortgage. You can also avoid the cost of private mortgage insurance premiums with a sub prime mortgage. Prime lenders require insurance if you have less than 20% of equity in your home. Sub prime lenders also offer a wider variety of terms and loan options. Finding The Best Refinance Mortgage For You Even within each category of lender, there is a great range of rates. In order to find the lowest costing refinance package, you really need to request mortgage quotes from several lenders before making a decision. There is also the trend for financial companies to deal with both types of lending. So don’t rule out conventional lenders if you are looking for a sub prime mortgage.

View our recommended http://www.abcloanguide.com/badcreditmortgagerefinance.shtml lenders or view all of our http://www.abcloanguide.com/refinance.shtml.

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