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Kyle L | I heard its a way to get a morgage with less than subprime credit, anybody heard of it? |
Additional Details
i heard with these mortagages u have to refinance in 2yrs or lose your house. the loan is based on the property value and if the bank is likely to make a profit in 2 yrs
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The Dragon
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These are called hard money lenders, they still exist they lend money on property not the customer as much. Normally the loan is fixed for 2 years and they will except very low credit. The main problem is the rates are very very high. 12% or more. |
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C B
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sub prime loans are still out there. The Dragan is 100% correct. And to tell you the truth, the sub prime market has now become the "hard money lenders" with rates at 12%. hahaha. Times are changing friends... |
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bondnick
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Probably not anymore. |
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pammi716
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Not good. If your house drops in value in the next 2 years, then it would be impossible to get refinanced. |
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Marysue
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How anyone can be less than subprime? |
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A.Mercer
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You are probably talking about the subprime loans. Thanks to the mortgage crisis, those are pretty much a thing of the past. Not many banks are willing to take a risk on subprime loans right now. Not many reputable banks that is. I am sure there are still a few scammers out there looking to lure someone in. |
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itsaGuy
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They are the subprime loans. Generally they have an interest rate that skyrocketed after the first few years.
You aren't going to find any, as getting credit is now much harder due to the subprime loans in the first place. The housing market bubble is directly related to the defaults occuring on those kinds of loans made that are now resetting and resulting in forclosure.
Loans, Credit, Housing market, they are all connected. One of them balloons, they all balloon. One of them bursts, they all burst. |
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wizjp
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In this credit market, no one is making legitimate loans for mortgages to anyone with sub prime credit. |
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punkin423
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I don't think those are options any longer...Do yo watch the news? |
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