What are the disadvantages of subprime home loans?
I’m getting ready to buy my house. I know to do a 30-yr fixed rate. I’m just wondering what is the buzz about subprime home loans? It seems to really be hurting people and mortgage companies. What are the advantages and disadvantages? Thanks.
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There are advantages and disadvantages to everything in life.
I don’t understand your situation financially, therefore I can not answer your question about subprime mortgage.
Sub-prime mortgage was and is an option available or was selected by those that wanted to purchase a house and the program fit their financial situation at the time.
Depending on your financial condition, credit report and other factors will determine if you get a sub-prime loan, an adjustable rate mortgage a 30 year fixed rate and FHA or a "A" loan.
You should not zero in on a certain mortgage program because everyone tell you this is the way to go. Don’t jump into the fire because everyone says it is the way to go and we fell all warm and rosy. This same fire might burn you.
Your financial situation should dictate the type mortgage you get. Everyone’s financial situation is different.
You should contact a mortgage broker complete a mortgage application and allow this mortgage broker to run a credit check for you.
This credit report, debts on your credit report as well as your income will dictate the type of mortgage you are qualified for not that you want a 30 year mortgage or that all your friends have a 30 year mortgage or suggest that you get a 30 year mortgage.
What is best for you right now and in the future should determine the type of mortgage you want and should get.
Once your mortgage broker has mortgage programs available to you then you should sit down with this mortgage broker and go over each option available to you. If you don’t understand a certain mortgage then don’t leave the table until you completely understand what is available to you.
Now once all your options have been explained to you, then and only then are you able to make an intelligent decision as to which is best for you.
I hope this has been of some use to you, good luck.
"FIGHT ON"