Home Refinancing For People With Bad Credit – Who Qualifies For A Sub-prime Mortgage Loan?
Sub-prime mortgage loans gives people options, including those with bad credit. Sub-prime lenders dont have to follow conventional underwriting rules, so they can work with anyone, regardless of their credit background. They can also provide more lenient terms than traditional lenders.
Qualifying For Sub-Prime Financing
Basically, anyone can qualify for financing with a sub-prime financing company. No matter your credit situation, even if you are just out of bankruptcy, you can apply with a sub-prime lender.
They also work with people who have excellent credit but need more flexible loans. For instance, if you want a loan above the conventional caps, you will have to work with a sub-prime lender to get a jumbo loan. 100% cash out refinancing is also easier to get with sub-prime companies.
Refinancing Options With Sub-Prime Lenders
Ideally, refinancing your current mortgage should lower your rates and monthly payments. Sub-prime lenders can do this, along with offering you cash out options. So whether you want all or part of your equity, you...
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