100 sub prime mortgage

100 sub prime mortgage
homeowner a multitude of costly mistakes when it comes to mortgages. Here is everything you need to know to avoid these.

Any homeowner, regardless of their credit, it must prevent financial mistakes when it comes to their mortgage. If you are in the process of recording a mortgage, you need to research and lenders have your homework to avoid common mistakes.

Here is a checklist to help you avoid costly mistakes if you have a mortgage.

Will the Mortgage Do you have a prepayment penalty?

This is one of the first things you should be in the evaluation of mortgage offers. Prepayment penalties a fee you pay when you refinance or sell your house. These costs can be as high as six months worth of interest on 85 percent of original loan value. These costs for the purpose of refinancing; potential savings from refinancing will be lost the penalty.

This is particularly undesirable, if you had a mortgage with a high interest rate or adverse conditions on your credit card. After six months to one year, a bad credit mortgage you want to refinance to a traditional mortgage with better prices and terms, avoiding a prepayment penalty, you save money.

What is the exact interest rate?

Getting the lender to an interest rate may be more difficult than it sounds. Make sure you have the exact interest rate in writing. Make sure it is not a "discount rate" or an "Introductory offer." Make sure that the lender or mortgage broker, this rate and give you enough time to access the loans. Negotiations with your lender for a lower interest rate, you could order early points in exchange for a better or more favorable terms.

Is your lender Pushy?

Do not be a victim of pressure sales tactics. If you believe your lender or broker is intrusive, look elsewhere. Mortgage lenders pressure of practice, that the turnover rather predatory lending practices as well. To avoid to be used, you should for your mortgage elsewhere.

Know Your Budget Before You Shop

Many homeowners finance their rush to avoid losing their dream home. They are happy enough to just be that they have a mortgage with unfavorable terms and prices. You can avoid that in this case by giving your homework and have a budget. Is not planning to lower the payments in 2-3 years, you need to today, especially if your financing falls through 2 or 3 years on the road.

To learn more about avoiding common mistakes homeowners sign up for our free mortgage advice.

St. Louis Mortgage Refinancing

Louie Latour has twenty years experience in the mortgage industry as a mortgage broker.

He is the owner of mortgage refinance Advisor, a mortgage to help a homeowner save money site with a free mortgage refinancing guide: What you should know. Sign up for your free guide today at: http://www.refiadvisor.com