Refinance Mortgage Lenders Prime Lenders Vs Sub Prime Lenders
Refinancing your mortgage can save you money through lower interest rates and smaller monthly payments. You can also choose to cash out all or part of your equity to pay off bills or to remodel your home. But which lender is best for you really depends on your credit.
For those with near perfect credit, a prime lender is your best choice for finding a low rate. But for those with some credit problems or who want flexible loan terms, then check out a sub prime lender for competitive financing.
Benefits Of Prime Lenders
Prime lenders usually offer the lowest rates with the lowest fees, but only to those with excellent credit. That means no late payments on mortgages or other loans in the last 24 months. You should also have a debt ration of 36 or less, meaning your monthly debt payments should equal 36% or less of your monthly income.
With a few late payments, you may still get approved with a prime lender. But your rates will probably be a percent or more over the conventional rate. You may offset this with a large equity base or large cash assets.
Benefits Of Sub Prime...
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