Sub-prime mortgage loans are a great way to obtain ownership of property or a house if you have less than perfect credit. They also are an even better way to rebuild your credit, particularly if your credit is damaged. If you are serious about owning a home and have less than perfect credit, sub-prime mortgage loans might be the way for you to go.

They come, however, at a price. Over the course of a thirty year mortgage, a sub-prime mortgage loan at an interest rate of 4% higher than average can cost the homeowner almost $300 a month extra. That equates to $100,000 over the course of a 30-year mortgage.

For some, however, sub-prime mortgage loans might be the only way they can qualify for a homeowner\’s loan. You do need to be careful though. If you fall into this category, you should shop around to make sure you get the best deal possible that you can.

There are several things to watch out for as you shop around. Check your local Better Business Bureau for complaints about any institution you visit. Also, make sure you read the entire agreement of each institution to make sure the initial rates offered are not teaser rates that will default to higher rates after a period of time or if you are late on a payment. You should also make sure that your advisor is well informed of state and federal rules and regulations and is familiar with how sub-prime loans work.

The sub-prime market has earned a dubious reputation because of a few bad apples. These lenders are called predatory lenders and you want to avoid them at all costs. Not only are their interest rates higher than normal, but they also usually have much more unfavorable up front costs, payment terms and trips that can put you in default quicker than you realize. Those payment terms can be zero tolerance in terms of late payments and can result in you defaulting to a higher interest rate as a result of even a minor breach of your contract with the lender.

Caution is the key advice when shopping around. Read your terms of the loan and make sure you ask questions if you are unclear about any part. Also, make sure that you are not stretching your ability to pay over time sometimes waiting and saving for the future is a better option than spending now and not being able to keep up with your payments down the line.

While getting a sub-prime loan can help you buy a house, you should also consider how a sub-prime loan can help you rebuild your credit. By getting a solid 18 months of payments under your belt, you begin to fix your credit rating. Additionally, check to see if the lender also offers a credit card, using the house as equity. This will allow you to build your credit rating via two venues off of basically the same money. Make sure, however, you can keep up payments on the home and pay off the credit card each month.

Also, as you shop around, consider the lowest monthly payments you can get with a plan of refinancing after 18 to 24 months. This will allow you to build your credit and then renegotiate your rate once your credit rating is re-established. That way, you will only have to pay the higher rate for a reasonably shorter period of time.

Martin Issa, president of First American Lending and ESPN radio host of \”Your Home - Your Money,\” is a board member of NARLO (National Association of Responsible Loan Officers), and is the areas leading expert on working with homebuyers who have had a bankruptcy or other credit issues. Martin also teaches class through St Louis Board of Realtors on How to Work with Homebuyers that have had a Bankruptcy or other Credit Issues.
For more information contact 314-692-0444 ext.207
or visit http://www.MartinIssa.com
or email missa@falinc.com

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Well here they are 10 mortgage loan officer training tips to improve efficiency and increase revenue. These tips have made me hundreds of thousands of dollars over the years and Im confident they will do the same for you:

Mortgage Loan Officer Training Tip #1:
\r Only use a few lenders
\r Depending on your niche, all you really need is a few good lenders. With a portfolio of about five lenders, you can handle all credit grades and even special programs like stated, no doc and 100% financing.

Mortgage Loan Officer Training Tip #2:
\r Read your lenders guidelines to build an intimate knowledge of their products and procedures - THIS IS A MUST!!! (And easy to do if you only use a few lenders.) Dont rely on lender reps to tell you about their guidelines. They are human and can make mistakes just like the rest of us.

Mortgage Loan Officer Training Tip #3:
\r Send gifts to your appraiser, title agents, and underwriters to gain favor. This is a great way to build relationships with the people you rely on to do business. Look for a reason to send these people a thank you card along with a gift. This is another good reason to use only a few good lenders.

Mortgage Loan Officer Training Tip #4:
\r Define your market
\r What loans will you do and what loans will you not touch? You can and will cause yourself undue heartache if you agree to take a loan that is outside of your market. For instance, I refused to even look at a loan unless the borrowers had a credit score of 580 or higher. If an applicant has a credit score less than 580, I referred them to my loan officer partner and split the commissions.

Mortgage Loan Officer Training Tip #5:
\r Specialize
\r Find a niche. Specialists always make more than generalists. Everyone does purchase loans on single family houses. What if you became the expert in your area on financing investment properties, construction loans, or VA loans? With some work and dedication you could become the mortgage lending guru for your niche and monopolize your marketplace.

Mortgage Loan Officer Training Tip #6:
\r Location, location, location
\r If you can: Keep a frig in your office, place a copier close to your assistants desk, and have your computer printer right next to your desk. This will save loads of time walking around the office. It will also keep your assistants focused. Sometimes its hard to walk through an office without falling into several casual conversations that can lower your teams production.

Mortgage Loan Officer Training Tip #7:
\r Get all documentation up front
\r I believe in getting every piece of documentation I could possibly need right up front. That way if a problem arises you have a greater chance of being able to fix the problem on your own without bothering the borrowers.

Mortgage Loan Officer Training Tip #8:
\r Only the necessities
\r Just because you collect extra documentation, doesnt mean you have to use it. Dont submit extra paperwork to your processor or to underwriting. It could open a can of worms you dont want opened. Only turn in exactly whats need to fund the loan - nothing more or less.

Mortgage Loan Officer Training Tip #9:
\r Sandwich technique
\r At some point youll need to contact a borrower during the loan process and ask for more information. When this situation arises, try using the sandwich technique:

Re-establish rapport
\r Make your request: Oh by the way I need___. When can you fax it to me?
\r Continue rapport building dialog.
\r Say goodbye and politely get off the phone.

If you have a difficult borrower, this works like a charm to diminish their anxiety level.

Mortgage Loan Officer Training Tip #10:
\r Testimonials
\r Get testimonials from everyone. They are great marketing tools for your business. Use them to target your clients CPA, HR manager at work, real estate agent and financial planner to establish a referral relationship.

There you have it. Incorporate these ideas into your mortgage business and see how they impact your bottom line.

By the way, if you would like to get another 13 mortgage loan officer training tips that can instantly boost your income by $5,000 per month, visit:

www.Mortgage-Leads-Generator.com/a/13tips.htm

Please feel free to reprint this article as long as the resource box is left intact and all links are hyperlinked.

Hartley Pinn has recently created the \”Mortgage Leads Generator\” \r Training Course to teach mortgage loan officers 10 proven strategies \r for generating more than 71 mortgage leads per day.

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If you are in the market for a mortgage it is important to understand what the Annual Percentage Rate means and what you need to know in order to find the best mortgage. Here are tips to help you shop smartly for your mortgage loan.

Comparison shopping for a mortgage can be a difficult task. Mortgage lenders use one interest rate to calculate your monthly payment but advertise a different interest rate. What does it all mean anyhow? When you shop for a mortgage it is important to understand the difference in the two interest rates. Here is what you need to know.

Annual Percentage Rate

The Annual Percentage rate (APR) is calculated by factoring in interest charges and any other fees charged by mortgage lenders over the duration of the loan. APR is expressed as a yearly expense. This formula gives you a good (but not great) estimate of the cost of any given loan offer.

Truth in Lending

Legislation in the United States, The Truth in Lending Act, requires mortgage lenders to post the Annual Percentage Rates for all of their loan offers. This legislation is intended to protect borrowers form deceitful lending practices.

APR is a Good Starting Point; However

You will want to get the complete picture of all costs, including closing costs. Closing costs are listed on the Good Faith Estimate your lender is required to provide you after receiving your application. You will want to apply with more than one lender to get your hands on this Good Faith Estimate for all of the loan offers you are considering. You can learn more about finding the best mortgage loan and avoiding common mortgage mistakes by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of \”Mortgage Refinancing: What You Need to Know,\” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

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A 125% Second Mortgage is a 2nd mortgage in which the face amount of the loan exceeds the value of the property by 25%. A Property valued at $200,000 would have a loan for $250,000. This is a perfect type mortgage for individuals with little or no equity in their home. The loan offers 125% of value minus the first mortgage.

This loan could be used for debt consolidation or to combine first and second mortgages where the fixed mortgage rates or the adjustable rate mortgages or a combination of the two produce a higher monthly cost then the new fixed rate on the 125% second mortgage. The new mortgage payments will yield lower monthly payments and therefore save money that may be used on higher interest monthly payments. The extra funds could be used for bill consolidation, home equity loans and revolving credit lines with adjustable rates of interest when interest rates are on the rise.

Another reason to acquire a 125% second mortgage is to save money by paying off high interest credit card debt. 125% second mortgages usually are simple interest fixed rate mortgages. While credit card rates may be as high as 21% and can be adjusted up in the future, the typical fixed rate today is between 6% and 7%. Another advantage of the fixed rate mortgage is that the payments are always the same which makes monthly budgeting easier.

How can my credit card score affect my securing a loan and the interest rate on the loan? The interest rates on loans that exceed the maximum value of the property are based on your credit score. The ability to refinance high interest mortgages with a low fixed rate 125% second mortgage will depend on a high credit card score. A score of over 750 will be needed to get approval for a 125% mortgage. A good credit rating is necessary since the lender is providing more cash then there is equity in the property. A score of over 800 will get the borrower a favorable rate. Individuals with credit scores of 620 or less will have a hard time finding lenders for maximum mortgages. If a lender is found, the interest rate may exceed 9%.

Should first time homebuyers consider a maximum mortgage or choose a conventional fixed rate mortgage with 20% down? First time home buyers should only consider a fixed interest mortgage. If things go well and interest rates stay the same or drop the borrower can always consider mortgage refinancing to a more sophisticate type of mortgage.

Mary is published web author for many mortgage and real estate articles. She writes articles for people all across the country in an effort to increase their awareness for home finances. You can read more of her home equity lending articles online at BD Second Mortgage Loans. To get more equity loan advice & finance tips, please contact the loan team to learn more about program updates and the approval process for 125% second mortgage and home equity loans.

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Home loans can be very confusing, considering how many different kinds there are. Unless you are a mortgage expert, it can be daunting to wade through the maze of home finance to decide which product is right for you.

To select a loan, it is important to clarify your goals. Are you looking to buy a home? If so, are you planning to occupy it yourself, visit it occasionally as a second home, or rent it out as an investment? Maybe you\’ve already bought the property, and are looking to refinance. That means, getting a whole new loan. That is similar to getting the home loan in the first place. Or, perhaps you\’d like to leave the original loan in place, but add a second mortgage in the form of a home equity loan or home equity line of credit.

Let\’s start with purchasing a home. The cheapest, and most accessible loans are those for owner-occupants. That means, your plan is to live in the home yourself. Lenders trust in the performance of these mortgage loans more than any other because it is presumed that homeowners will always make good on their personal residence loan before investment properties, or those homes they only visit once or twice a year. In theory, when one encounters financial trouble, the last thing they would default on would be the home in which they live. Therefore, these loans boast the best terms and are the easiest to get. Many loan products are available that don\’t even require a down payment, and some banks collaborate with government agencies to provide first time home buyer assistance with down payments and a reasonable payment plan for those who qualify.

The next best type of loan program is for second homes. Second homes are also known as vacation homes. These mortgage loans will have slightly less attractive rates than owner-occupant loans, but still better than investment property loans.

Mortgage loans for homes bought for investment purposes are the most difficult to get, and typically carry the least attractive terms. They almost always require a down payment, and the required appraisals tend to cost more. This is because the appraiser must not only provide an opinion of the property\’s worth, but also an evaluation of how the unit will fare as a rental. Fewer lenders overall are willing to finance investment homes, and those who do may require additional qualifications for the borrower, such as minimum two years\’ landlord experience. These loans are considered riskier because of the increased likelihood of an investor \”walking away\” (foreclosure) from the house if it fails to produce rental income or if uninterested or unable to continue making payments. Sometimes the expensive *mortgage rates* that accompany these loans can be lowered by putting a larger amount of money down, which reduces the lender\’s risk.

If you have a loan in place already and are looking to refinance, there are two basic types of home mortgage refinancing. One is rate and term, which lowers your interest rate and extends the due date on the loan (the amortization starts all over again, which extends the time you have to pay off the property). This is a great way to take advantage of rates that are lower than when you originally took out your loan. A rate-term refinance loan amount is just enough to repay the balance of the existing mortgage, although there will be some closing costs rolled in (this will vary from loan to loan, ask your mortgage broker or lender for details).

If your intention is to pull cash out of the home, a cash-out refinance can do this if there is enough equity in the home to meet the lender\’s LTV (loan-to-value) requirements. Not all homeowners will be eligible to get cash out, depending on what is owed on the home and its current value. This type of refinance will increase the loan amount by the amount that is pulled out, plus closing costs, and may result in higher payments.

Adding a second mortgage may present an alternative to a cash-out refinance. This also requires that there be enough equity in the home to add another lien without compromising the lender\’s LTV requirements. A home equity loan provides the cash all at once, and generally carries a fixed rate. A home equity line of credit (HELOC) can be used as needed, with payments only being due on the amount used. HELOCS have adjusting rates. Both kinds, because they are 2nd mortgages, have higher interest rates than a first mortgage. This is due to the increased risk to the lender. In the event of foreclosure, the first must get paid off before the second, so the lender must price their products accordingly.

Before obtaining any kind of mortgage financing, seek the advice of a home loan professional and make sure you get all your questions answered. There are many loan products available, so choose the one that best fits your needs.

Kathy Hildebrand is a professional writer who is easily bored with her \”day job\” assignments. So, she researches anything and everything of interest and starts writing. Writing about an extremely wide variety of subjects keeps her skills sharp, and gives her food for thought on future paid writing assignments.

More of her research and articles can be found at http://www.lasertargeted.com/mortgage and other sites around the internet.

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You clicked on this page to find out one thing whether you should choose a fixed rate mortgage or an adjustable rate mortgage (ARM). Instead of giving you complicated definitions, lets discuss the top two questions you need to answer before making your choice.

The biggest mistake most people make is to wait until after they find a home to decide whether they can afford it. By that point, theyre committed to a house and will do almost anything to get it. So, instead of letting you make that mistake, I want you to answer a few questions first.

The Important Questions

How long do you expect to stay in the home? I know, its a hard question, and I dont expect you to be a fortune teller. But, think about it realistically. If youre moving for the school district, how long will your kids be in school? How long do you think youll stay at the same job?

How much can you afford to pay monthly for your home? Dont give the ideal answer thats $200 more than you can currently pay per month. Be completely honest with yourself. If that means you need to go in reverse and make a monthly budget, do it. Just make sure your budget includes some money that goes into savings every month so that when theres an emergency, youll be ready for it.

The Basics

Fixed rate mortgages the name says it all. You get a fixed rate that stays the same for the life of the loan, usually 15 or 30 years. Although your interest rate will be a little higher than with an ARM, you will know exactly how much youll pay per month for a few decades. If you love stability, this loan is probably for you. Also when interest rates are low, this is the loan that lets you cash in for years to come.

ARMs, on the other hand, are anything but stable. These loans generally have a lower initial interest rate than fixed rate loans (usually around 2% less). This initial teaser rate usually lasts anywhere from 1 to 10 years. Youll know its an ARM when you see 3/1, 5/1, 10/1; respectively, these are 3, 5, and 10 year fixed rates. After the set time, the rate varies based on a standard, usually the Treasury Bond rate. The rate can change monthly or yearly, but yearly changes usually work out best for the consumer.

Although were not going to talk about them here, there are several types of hybrid loans that can give you the best of both worlds. To find out more about those, check out this article from The Motley Fool, Your Choice of Mortgage: Basics and Variations.

Lets Look at Your Answers

Now that were through with the basics, lets talk about your answers. These are the most important questions you need to answer before shopping for a house. Did you catch that? Not before you look for a lender. Not before you hear what your monthly payment will be. Before you shop. Otherwise, you may want a house so badly that youll be willing to do anything to get it. These answers will not only help you decide on a loan, but theyll also help you choose a home.

Time in the Home

How long do you expect to stay in the home? Five, ten, twenty years? If you plan to stay in the home more than ten years and interest rates are low, you want to choose a fixed rate loan. The payment will be lower, and you can budget for the next thirty years, though its really more practical to choose a 15 year loan and save yourself thousands in interest.

If you answered ten or fewer years, you may want to choose an ARM. Generally, ARMs are available up to 10/1, which means that you pay the fixed rate for 10 years and then it becomes adjustable. The good news is that if you move before those ten years are up, then you will have saved money. If you discover youll be in the house longer, refinance when interest rates are low so that you can get a fixed rate loan. Also, if you can find a reasonable 10/1 and rates are high, you should probably take it since rates will probably fall within the next 10 years.

Monthly Payment

This is the single most important issue when purchasing a home. If you cant afford the monthly payment now, then dont assume youll be able to afford it later. Before shopping, decide how much you can pay and commit to sticking with that number no matter what.

If interest rates are low, lock into the savings with a fixed rate loan. If rates are extremely high, try to get a 5/1 or preferably a 10/1 ARM. When rates drop in that five to ten year span, refinance at a fixed rate.

ARMs have a cap on the rate, so before purchasing a home, calculate the highest possible monthly payment based on the cap and decide whether you could make the payment if rates went up. If not, youll need to hope for low rates so that you can refinance or simply choose a fixed rate loan.

The Bottom Line

The bottom line is to get the best deal you can right now and for the next ten years. Interest rates make a full swing about every decade. If you can save money with a 10/1 and you are pretty sure rates will drop during the first ten years, go ahead, choose the ARM, and refinance when rates are low. Remember to stay within your budget no matter what, and be prepared to refinance someday if you really want the best deal.

Amber Smith, is a free lance writer who writes home equity loan articles for the MortgageLoanOutlet.com You can read more mortgage loan refinance related articles at http://www.MortgageLoanOutlet.com

Amber is also the President of Polished Papers, LLC. http://www.polishedpapers.com

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If you have considered applying for a home loan mortgage online, there are a few pros and cons to think about with getting a home mortgage loan online:

Pros:

1. The process of applying for an online home mortgage loan is very simple, unlike some lenders who operate in the real world and ask for heaps of information.

2. The fees, when applying for a home mortgage loan online, can be considerably cheaper than the mortgages in the real world.

3. Online home loan mortgages tend to offer a great variety of mortgage loan programs, including more flexible repayment terms and lower rates of interest.

4. Online mortgages are usually easier for borrowers who have bad credit history to obtain. Also, online mortgage loan websites do tend to offer more alternatives to those with a bad credit history.

5. Normally you find out faster if your home loan mortgage application has been preapproved if you apply online. This means you can move on and apply with other lenders faster, if you dont get approved the first time.

Cons:

1. Not all online home loan mortgage lenders have representation in all 50 states so if you do apply for a mortgage loan online, make sure theyre represented in your home state.

2. Accountability can be a problem you really need to stay on top of things, which can be troublesome if you dont know what youre doing.

3. You may be getting the deal that best suits their needs, not yours.

4. Sometimes you have to pay an application fee even before you know if your application has been successful something that is not always the case in the real world.

5. If things go wrong, and your online home loan mortgage provider doesnt come through, theres no formal organization you can complain to.

So, while applying for a home loan mortgage online may be a good idea, to keep your options open you may also want to talk with a real estate broker in the \’real world\’ about applying for your home loan mortgage. That way you can make your final decision of who to go with when you are closer to locking in the loan.

To see our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.

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Low Cost Refinancing Home Mortgage Loans Online Online home mortgage refinancing loans are becoming increasingly easy to secure as the use of the Internet continues to grow. Many mortgage lending companies have an online application form you can fill out in just a few minutes. This gets your loan search underway without the hassle of filling out many paper forms by hand.

When you apply for home mortgage refinancing online, your application is sent electronically to a variety of National and local lenders and banks. By getting rate quotes from more than one lender you are assured of getting the lowest rates possible.

There are many great reasons for getting a refinancing home loan online. Consolidating debt is one of those great reasons. While mortgage interest rates are still low is a good time to pay off those high interest credit cards. You can put mortgage refinancing to work now by reducing your high interest debt.

Reducing your monthly payments is another great reason to refinance. By getting several refinancing loan quotes you can compare the different offers before deciding on the loan payment that\’s right for you. You should be able ask a loan officer any questions you might have before any commitment is made.

Much of the time spent on processing loans comes from the handling of stacks of messy paperwork. With the use of electronic mortgage forms, the processing time can be cut in half or less. Because loan officers can process loans more efficiently, a savings of $250 to $550 per refinance home mortgage loan is possible.

Using the internet is a great way to find a low cost refinancing home loan in your area. You can apply online for a refinance mortgage and have competing loan offers come directly to you. If you\’re looking to get cash out of your home, then a cash out mortgage refinancing quote may be just what you\’re looking for.

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A VA loan is a loan sponsored by the Veterans Administration. A VA loan offers a low interest and allows you to obtain financing for a loan up to 100 percent of your homes value. A VA loan is often the best-possible loan you could possibly get for your money. If your lender is trying to convince you away from obtaining a VA loan, that lender likely does not have the ability to do VA loans. In this case, it might be worth your while to shop for a different lender.

What A VA Loan Is
The Veterans Administration does not lend money to people; it simply insures the loan to your lender in case you should default on the loan. If you have been approved for a VA loan, the VA has analyzed your credit and your income-to-debt ratio and has determined that they are willing to insure your loan. If you have a VA loan, you dont need to purchase private mortgage insurance like other conventional loans. The VA can qualify you for a loan up to $417,000.

How You Qualify
When you apply for a VA loan, they will look at the last 12 months of your credit history, as well as any tax liens and bankruptcies youve had over the past few years. The VA will look at all expenses you have for you and your family, including debts. They will compare your debts with your income to determine how much of a loan you can afford to pay each month.

VA Insurance
If you qualify for a VA loan, you will get a great deal on closing costs and fees. There are many fees and costs associated with other traditional loans that VA loans do not permit. This gives you a great deal at closing time. You will be responsible for paying a VA insurance premium along with your mortgage. This is equivalent to 1.0 to 1.5 percent of the value of your loan, in lieu of paying private mortgage insurance.

Mortgage Sanity provides help and information for people about many different aspects of the mortgage process. Visit http://www.mortgagesanity.com for help with your mortgage loan.

Save Money and Apply For Your VA Mortgage Here - We maintain a list of recommended mortgage companies online and update the list regularly.

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Mortgage loan applications are time sensitive; your lender guarantees an interest rate for only a short period of time. If you are unable to close on the mortgage prior to the expiration of your lender\’s guarantee you will lose that interest rate. Here are tips to ensure you mortgage application goes smoothly.

If you are in the process of shopping for a new home, consider shopping for a mortgage first. You can receive pre-approval from a mortgage lender before finding your home. This will significantly reduce the stress involved in trying to get approved after finding your dream home.

If you are refinancing your existing mortgage or have already found the home you wish to purchase, organize your documentation before applying. Always return your lenders phone calls promptly and provide any additional documentation as quickly as possible. You should gather your tax returns, pay stubs, purchase contract, the appraisal and survey for your home, your homeowners policy, and bank statements before you apply. This will save you time when the lender requests this paperwork.

Check in with the person processing your application from time to time. Mortgage lenders handle thousands of applications and you dont want yours falling through the cracks; dont make a pest of yourself, just check in from time to time. You can learn more about qualifying for the best mortgage while avoiding common mortgage mistakes by registering for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of \”Mortgage Refinancing: What You Need to Know,\” which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.

Claim your free guidebook today at: http://www.refiadvisor.com

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