what is a sub -prime mortgage?
549024
There is a benchmark rate that banks and financial institutions use to their top customers, prime.  It is often linked to the Federal Reserve's interest rate for banks to borrow from the government.  To be sub--or below--prime is simply that you don't qualify for the best rates.  It will cost you more to borrow money because there is a higher risk that the money they loan won't all come back.
804209
Yep, cash in hand.  Older mortgages with lower balances are often bundled together and sold as a lot, for a discounted amount.  Especially if financed at a low interest rate.\n\nMany, many new loans are sold immediately after the financing takes place.
982290
The us average is 678 but I've seen people get home loans with as low as 579. (subprime lender)  c level credit is 580 and above b level is 620 and above and a credit is 670 and higher.\n\nI'm a real estate agent.
825908
Contact a mortgage broker. they are very well educated as to what lenders are the best for each type of situation. I work for a sub-prime lender named New Century Mortgage. There are many out there such as Long Beach Mortgage, Countrywide has a sub-prime division, Ameriquest, First Franklin and MANY others! Most places do not do direct consumer lending and the only way you can get a loan is to go through a mortgage broker.
336488
A second mortgage is a secured loan (or mortgage) that is subordinate to another loan against the same property. More specifically, the second loan in sequence.\n\nIn real estate, a property can have multiple loans against it. The loan which is registered with county or city registry first is called the first mortgage. The loan registered second is called the second mortgage. A property can have a third or even fourth mortgage, but those are rarer.\n\nSecond mortgages are called subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage gets any money. Thus, second mortgages are riskier for the lender, who generally charges a higher interest rate.
174671
Try www.prosper.com\n\nThis is the new p2p lending/borrowing without the middle men. (Similar to Zopa in U.K.) This works like ebay. You list a loan for $X (you can borrow up to $25,0000) at r% or less. The lenders would bid for your loan. As a borrower you are the "seller" and the lenders who bid on your loans are the "buyers." Unlike in ebay there will be multiple lenders giving you partial sums. Prosper takes 1% service fee upfront from you and distribute your monthly payments to the lenders. You personally won't have to deal with the lenders and you can remain anonymous.\n\nYour chances of getting a better rate on the loan is higher if you have good credit. Propser does the usual credit check when you sign up as a borrower and rates you as AA, A, B, C, D, E, HR(high risk), or NC (no credit).
476390
take a loan on the equity of your property.  it will be like a new mortgage
543377
There are many nonprime lenders who will do 100% financing without PMI.  These lenders buy the PMI themselves and you effectively pay for it through your interest rate.  The good news about this scenario is that all of your mortgage payment is tax deductible (whereas PMI payments you make yourself are not).\n\nThere are a lot of mortgage calculators out there that can help you figure out loan structure scenarios.  I suggest using those found at many websites including those you can find on Yahoo! http://realestate.yahoo.com/calculators/\n\nGood luck!
513673
ExpressPath Financing\nExpressPath—a fast, cost effective way to finance your home designed with YOUR needs in mind.\nExpressPath is brought to you by PHH Mortgage and is available to borrowers purchasing eligible properties for their\nprimary residence.\nExpressPath Benefits for Homebuyers Include:\nA Fast and Simple Loan Decision Process . . . allows you to get a loan decision—not merely a pre-qualification\n—in as few as 20 minutes. Most importantly, there are NO up-front application fees.\nSeller– Paid Closing Cost Assistance . . . reduces the challenges you might face regarding down payment and\nclosing cost requirements. With ExpressPath, a property appraisal* is not required and the seller will pay the\nborrower's closing costs, excluding pre-paids. A PHH loan consultant can provide you with details.\nLender Service Guarantees . . . PHH Mortgage provides ExpressPath borrowers with outstanding service guarantees\nto give you the confidence your loan decision is the right one. Guarantees include Same Day Loan Decision, a $500\nBest Price Guarantee**, and a Closing Date Guarantee that reduces your rate by 1/8th of 1% if the closing date is\nmissed***.\nGreat Service . . . friendly loan consultants are there when you need them. PHH Mortgage has a team of experienced,\nbilingual loan professionals to assist you with your loan application or answer questions. They are available Monday\nthrough Friday from 8:30 a.m. to 8:00 p.m. EST and on Saturday from 8:30 a.m.-5:00 p.m. EST.\nCustomized Loan Products . . . ExpressPath includes a wide array of fixed- and adjustable-rate mortgage products\nwith competitive pricing and down payment options with borrower contributions as low as $500, and up to 100%\nfinancing available for qualified borrowers.\nHow To Apply\n1. Call toll free (866) 366-2736 to speak with a loan consultant\n2. Provide a limited set of pertinent financial information about you and any co-borrowers\n• Social Security #\n• Employment information for last 2 years\n• Income (W-2s and Paystubs) and asset information\n• Property purchase price\n• Requested loan amount\n3. Receive your loan decision within minutes
255573
The prime rate is the lending interest rate banks charge their most steady, credit-worthy customers [usually large, conservatively financed businesses]
1001470
false\n a mortgage is a loan your paying back for a house
556857
so you have your own mortgage company?  I can probably help you steamline your process email me at taustin288@gmail.com and we can probably work out something
10570
Try Regional Mortgages.\nhttp://www.regionalmortgages.com
503050
Define low mortgage.   Low payment or low rate?   Rates tend to fluctuate, but are trending higher.   \n\nMy advice is to find a reputable mortgage broker to talk to about a mortgage.   Figure out what you can afford and beware of low rates or low payments on adjustable mortgages.  When the mortgage rate gets adjusted, you could face a much higher payment.
553821
to refi FHA to FHA ---12 months To refi FHA to conforming 12 months or you go off the purchase price + improvements you can prove. To refi FHA to sub prime   6-12 months depending on the lender.   If you are talking about down payments 3months bank statements showing that balance + 2 months PITI
598860
Check out ING via their website ingdirect.com.  I have an account with them and last week they sent me a notice that their mortgage product will cover the closing cost for loans that are below a certain amount.  Other than that, you can get a bunch of information at bankrate.com as well.
105058
Invest in real estate by finding a house that's undervalued then renting or selling it.  Or you could refinance it.  Call Dexter at premiere mortgage funding at (937)264-9730 He can help just about anybody make money.