Georgia mortgage loans is committed to helping you find the right mortgage product for your needs in Buford. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
If you have bad credit history, no down payment or difficult to
prove income and are looking to get approved for a home mortgage
loan, you will probably need to look at subprime mortgage
lenders to help you. To see a list of our recommended subprime
mortgage lenders you can click on the link below.
There are a few things to know about subprime mortgages lenders.
They specialize in providing mortgage loans for people with less
than ideal situations, whether it be difficult to prove income,
low or poor credit scores (most often the case with subprime
mortgages), or no down payment (this factor alone will not
necessarily put you in the subprime loan category).
The interest rate on a subprime mortgage loans will be higher
than any other type of mortgage loan where credit, income and
down payment are all optimal. However, with subprime mortgage
loans, as a borrower, you need to be careful about a few things
when dealing with subprime mortgage lenders.
The interest rate with subprime mortgages can vary greatly.
There are some subprime mortgage lenders that, for the same set
of qualifications, can offer an interest rate of say, 7%, which
is a little above average, and then there will be others who
will quote 9-12% or more. Now, if this is all for the same
qualifications, you could be talking about hundreds of dollars a
month extra in payments just because you are not getting a fair
interest rate for your qualification. This is where the borrower
needs to be careful. Make sure you are getting the best interest
rate possible with your subprime lender. Some subprime lenders
take advantage of borrowers with bad credit or hard to approve
situations, and they charge much more in interest than what is
fair for to the borrower.
Another way subprime mortgage lenders can take advantage of
unsuspecting borrowers is by the lender having a pre-payment
penalty on the loan that is unreasonable and not fair to the
borrower, based on their qualifications. A typical subprime
mortgage loan will have a 6 month to a 2 year pre-payment
penalty. However, sometimes a subprime lender will offer a loan
with a 3 year or higher pre-payment penalty. That is too high, I
think a 2 year pre-payment penalty is high, but any higher than
that, and you should probably keep looking for a new lender.
Other than a couple of things to be careful of when dealing with
subprime lenders, getting approved, even with a slightly higher
interest rate, can be a really great thing for you to buy the
home you want.
To see our list of recommended subprime mortgage lenders, visit
this page: Re
commended Subprime Mortgage Lenders
About the author:
Carrie Reeder is the owner of ABC Loan Guide. It is an
informational website about various types of loans. The site has
informative loan articles and the latest finance news.