Mortgage_Companies_-_Prime_Lenders_Vs_Sub_Prime_Lenders

Document Sample
Mortgage_Companies_-_Prime_Lenders_Vs_Sub_Prime_Lenders Powered By Docstoc
					Best 850 Finance PLR Articles: www.financeequityloans.com


Title:
Mortgage Companies - Prime Lenders Vs Sub Prime Lenders


Word Count:
360


Summary:
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....



Keywords:
mortgage loan, subprime mortgage loan



Article Body:
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


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.




stem cell research pros and cons

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:9/14/2011
language:English
pages:2