Note: This post is by Bryan Wilson, owner of Magellan Capital Group & Associates.
My name is Bryan Wilson and I own and run a mortgage brokerage firm named Magellan Capital Group & Associates. I am a licensed California broker and have been practicing mortgage lending for 18 years. My company has been in business for 9 years and my goal is to help you understand the pros and cons of the mortgage lending industry.
Sub-prime lending is the current hot topic in the mortgage industry. Many publications denounce lenders and brokers who perform sub-prime lending. However, we must keep in mind that most borrowers receive 2 or 3 sets of upfront disclosures prior to signing mortgage loan documents. Very few are ignorant as to what they are doing.
Do people with bad credit and non-stable work history deserve the same rates and terms as those who keep their credit above par and provide a better risk? I think not!
A negam loan (negative amortization loan) or option ARM (adjustable rate mortgage) loan might just be what you need.
For more information on refinancing loans or to apply for a mortgage loan, please visit Magellan Capital Group today!
Of course people with bad credit have to pay higher rate, but anyway it helps them. They can not only take bad credit mortgage, but to refinance it or get remortgages. However, if they are unable to pay all of your bills every month now, a bigger monthly mortgage note is going to make it worse. In addition, if they try to skip paying your higher mortgage, then they risk losing home. Refinancing mortgage and right remortgages should be used with the correct options to help bad credit. That said, the right refinancing is a great way to lower your monthly payments.
Posted by: Diana Hillary | June 25, 2008 7:17 AM | Permalink to Comment