Mortgage Loan Info & Help

Here's some information about bad credit, and how it effects your chances of getting a home mortgage loan, as well as how this might apply to getting an interest only mortgage loan.  Even if you have some credit problems, you can still find a resonable deal on a mortgage, you just have to know where to look.

Mortgage Rates on Bad Credit Loans and Interest Only Mortgage Loans

Do ALL Lenders charge higher Mortgage Rates for Bad Credit Loans and Interest Only Mortgage Loans?

The answer to that would have to be that they usually do, BUT some lenders have special programs for Bad Credit Loans, and others have special deals on Interest Only Mortgage Loans.  You just have to find the right Mortgage broker, who will then find the right plan for YOU!

The fact is, all lenders don't have the same Mortgage Rates for similar mortgage loans.  Those few borrowers with perfect credit, high income and a low debt ratio usually qualify for the best mortgage rates.  BUT, if they go to the wrong bank, credit union or broker, they may wind up paying higher Mortgage Rates than people looking for Bad Credit Loans or Interest Only Mortgage Loans !  The fact is, many sub-prime lenders (for the average borrower) have Special Deals  that they run , and these let the average borrower obtain Reverse Mortgages, and also get very low mortgage rates on Bad Credit Loans, Interest Only Mortgage Loans , and even Finanace Loan Refinance Mortgage Loans.

Let's look at these options one at a time.  Reverse Mortgages are a rather difficult proposition, both to understand them, and to actually find a company who will issue them.  Basically, you invest your money in your property, and someone pays it back to you, with interest (usually a bit lower than average Mortgage Rates ) over time, in monthly payments.  We usually find reverse mortgages to be unnecessary, and we feel there are easier and better ways to invest your money.  Buying a second property that you then rent, and eventually sell, usually will get you a much better return on your money, with better tax breaks, than doing a reverse mortgage on your principal residence.  Check with a qualified CPA, and we think you'll agree that reverse mortgages usually cause more problems than they solve.

Interest Only Mortgage Loans, however, can be quite useful.  With interest only mortgage loans, you have the option of lowering your payments initially, and only paying the interest that accrues each month.  Many times you only have to qualify for the lower payment the Interest Only Mortgage Loans offer, and can get a higher mortgage than you could otherwise qualify for, especially if debt ratio is a problem.  Some Mortgages, including some finance loan refinance options offer payments Lower Than Interest Only Mortgage Loans!  And the Mortgage Rates on some of these plans is excellent!  This may mean you can get the house you want at a payment you can afford, or get a home equity loan to pay off your higher interest rate debts!  Plus, even though you're not paying off any of your principle, you still gain equity in your home as its value increases, usually at least 3-7% a year!  Use our Loan Calculators Mortgage Calculator to compute what even a 1% drop in your interest can do to your payments.

Finance Loan Refinance  options let you pull out cash from the equity in your home as a home equity loan, or to get rid of a high interest rate finance company second mortgage.  Actually, you can basically use this money for any purpose, including paying off higher mortgage rates on you existing first or second mortgages.  Some special plans will let you borrow up to 95% of appraised value, while keeping the mortgage rates on 80%  of it very, very low.  Try using our Loan Calculators Mortgage Calculator to see what a 2% or even 3% drop in your second mortgage rates can do to lower your payment!

Bad credit loans are not that hard to find, but decent rates often are.  Some lenders, however, will only consider your mortgage payment history when looking at your credit, which can help if your credit problems are in other areas.  Also, some lenders specialize in "sub-Prime" lending, so what your bank or credit union might consider a bad credit loan, they look at as just fine, and offer Interest Only Mortgage Loans and great Mortgage Rates  on those programs.

With all of these variables, it's no wonder that at Star Mortgage we don't post Mortgage Rates on our web site.  With our nationwide network of lenders, we may look at dozens of options before finding the best mortgage rates and loan terms for each customer.  If you'd like more information, or would like us to find the perfect mortgage for you, visit our website at http://www.starmortgagebroker.com, send us an email or fill out a short application on our website , or feel free to give us a call anytime at 813.882.8878 .

P.S.- Don't forget to take a look at our Loan Calculators Mortgage Calculator page before you leave.

www.starmortgagebroker.com        Where you're the STAR!

Well, hopefully you can see that it is possible for virtually anyone to buy their own home, or find a good deal on re-financing their existing mortgage.  If you think you could be helped by buying your own home for less than you pay for rent right now, or if you need help lowering your payments on your existing mortgage(s), or if you need to use some of the equity in your home to pay off other bills, give Star Mortgage a call, or go to their web site and fill out the mini-application on the "Contact Us" page.  It only takes five minutes of your time, and will get you started on finding the perfect mortgage for your needs and situation.  Subscribe to this newsfeed, or come back tomorrow for a reprint of an article on home equity loans.

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Mr. Mortgage