How Do I Get a Subprime Mortgage?
Posted on | January 16, 2009 | 9 Comments
“How do I get a subprime mortgage?” is going to be a question that we start to hear a lot more in the next few months. First we need to research a little bit of the background before answering this question. Unfortunately, borrowers have fallen prey to the fangs of a troubled economy. Prior to 2008, many American citizens did not even consider saving money for the future. It was almost a given that a “rainy day” would not be anytime soon. Most of the younger generation had not lived through a struggling economic period until now. With that being the case, many Americans will be considered subprime borrowers as their credit rating has dropped and they have very little, if any, money in their savings account. This is the perfect storm for the housing market.
Financing subprime is something that has buried the global economy for over nine months. In all reality, the inability to finance subprime loans has been going on for years, but the subprime lenders have swept it under the rug to make their balance sheets look pretty. This has led us to an economy that is in a deep recession and even though mortgage rates continue to drop, it is not helping the housing market.
So, how do I get a subprime mortgage? Well, it is going to be difficult because subprime lenders realize that they made mistakes in the recent past. Do not discourage though. Subprime lenders are out there and they are going to have to lend to someone. If most Americans are considered subprime borrowers, you are in the majority and will get a subprime loan, even though it may not be at the interest rate you desire. If you need a subprime mortgage now, you are going to pay extremely high rates as the lenders know you are very risky. Our advice at Subprime Blogger is to wait it out until other borrowers are in the same financial situation you are and you will have an easier time getting a subprime mortgage.
Subprime Finance may very well be the next major course of study in major universities as this mortgage mess will continue to ruin this economy.
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January 16th, 2009 @ 9:26 pm
[...] Kirberts finance advice and news wrote an interesting post today onHere’s a quick excerpt “How do I get a subprime mortgage?” is going to be a question that we start to hear a lot more in the next few months. First we need to research a little bit of the background before answering this question. Unfortunately, borrowers have fallen prey to the fangs of a troubled economy. Prior to 2008, many American citizens did not even consider saving money for the future. It was almost a given that a “rainy day” would not be anytime soon. Most of the younger generation had not lived throug [...]
January 16th, 2009 @ 11:27 pm
[...] Subprime Blogger » How Do I Get a Subprime Mortgage? [...]
January 17th, 2009 @ 5:01 am
[...] Excerpt from:How Do I Get a Subprime Mortgage? [...]
January 17th, 2009 @ 8:55 pm
if i can get a subprime now should i
January 20th, 2009 @ 8:03 am
[...] With the demise of AIG via a government takeover, the fire sale demise of Bear Stearns , Lehman Brothers, the Merrill Lynch buyout, the failure of Indy Mac Bank, Countrywide meltdown and, yada, yada the chief reason for the meltdown was the ability of the homebuyer being able to buy a home with no money down. This was the catalyst for the crisis known as the subprime mortgage mess. [...]
January 27th, 2009 @ 9:10 pm
[...] jobs within the next 6 months. To think that all of this is happening solely because of the subprime crisis is quite [...]
January 27th, 2009 @ 9:15 pm
[...] to understand because it often evolves our lives, although sometimes in a dangerous way such as the subprime crisis. If you were to look back 15 years, many of you would not even consider putting your [...]
January 28th, 2009 @ 9:45 pm
OK Subprime blog. Here is my situation. I am in a rent to own situation and HAVE TO GET A MORTGAGE by 5/2010. I am struggling to pay my bills and have no hope of ever making a balloon payment of any kind including closing costs. I will have 3 percent down in 2010 and if I am very lucky, my credit will be somewhat stable in the last year. I am hoping for FHA but will take subprime. Like i said, I HAVE TO DO THIS. I HAVE NO OPTION.
I am a paycheck to paycheck guy who doesnt know what saving money is and never will. Rainy day, I dont even save for drizzle
I also am a first time homebuyer. So where can I find the eqivelant of Guido the loandshark for a 250000 loan in the Seattle area. The house and my knee caps will be collateral I guess.
February 7th, 2009 @ 9:02 pm
[...] seems as if many Americans will be looking for a good subprime rate over the next three to five years. Quite [...]