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Mortgage Questions and Answers

1. Is Now A Good Time To Refinance?
2. When should I refinance my current mortgage loan?
3. Should I refinance if I plan on moving soon?
4. What are points?
5. Should I try to pay as many discount points as possible to lower my loan's interest rate?
6. What does it mean to lock the interest rate on a mortgage loan?
7. Should I lock-in my loan rate when I apply for a mortgage loan?
8. I've had credit problems in the past. How does this impact my chances of getting a home loan?
9. I've only been late a couple of times on my credit card bills. Does this mean I will have to pay an extremely high interest rate?
10. How can I tell who has the best deal on financing?
11. Should I choose the lender with the lowest interest rate and costs?

Q. I've had credit problems in the past. How does this impact my chances of getting a home loan?

A . Obtaining a home loan is possible even with extremely poor credit.

If you have had credit problems in the past, a lender will consider you to be a risky borrower to lend to.

To compensate for this added risk, the lender will charge you a higher interest rate and usually expect you to pay a higher down payment on your home purchase (typically 20-50% down).

The worse your credit is, the more you can expect to pay for an interest rate and a down payment.

Not all lenders choose to lend to risky borrowers, so you may have to contact several before finding one that will. A simpler process would be to have several lenders contact you.

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