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Sub-Prime Mortgage Loans – Five Ways To Lower Your Rates On A Sub-prime Mortgage

Subprime mortgages don’t mean you have to pay exorbitant interest rates to buy a home. If you take the time to do your research and choose the right terms, you can save thousands on your mortgage. The following five tips will help you get low rates with the right subprime lender.

Compare lenders

The first way to lower your subprime mortgage interest rates is to compare lenders before you apply. It sounds so simple, but too many home buyers skip this step and it costs them thousands.

Plan to spend at least a day exploring your options. The easiest way to view financing packages is to request quotes online. While you’re asking for quotes, check out mainstream lenders as well. They often offer good rates and terms for those with adverse credit histories.

Choose an ARM

Adjustable rate mortgages (ARMs) offer lower rates and are easier to get than fixed rate mortgages. The downside is that ARM rates can increase over the years. But if you’re planning to move soon or just want to buy a home, an ARM is probably your best bet.

You can also convert your ARM when your credit score improves. As property prices increase and your equity increases, you can also get better terms in the future.

Increase your down payment

By increasing your down payment, you can remove up to a percentage point. Zero or little down financing is ideal for those who are strapped for cash, but the rates are significantly higher. Ideally, put 25% down to get the best rates. You only need to leave enough cash reserves to finance moving expenses.

Pay a point or two

Prepaid points can also lower your interest rate. However, you want to make sure you recoup your initial costs. If you plan to move or refinance in a couple of years, you won’t see the savings from the lower rates.

You may also find that your money would be better spent increasing your down payment than paying points. With this type of decision, you’ll want to do some math with a mortgage calculator.

Increase cash reserves

By increasing your cash reserves, you can also improve your credit score to qualify for lower rates. Take advantage of tax refunds or cash bonuses by putting them into your savings. Lenders consider savings accounts, money markets, and CDs to be cash reserves, not stocks or other volatile assets.

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