Bad Credit Mortgage Refinance – Rate Discounts for Teachers?
Posted on | September 18, 2009 | 1 Comment
Getting a bad credit mortgage refinance could save you quite a bit of money. What some people may not realize is that there are actually discounts for teachers. It might not come in the form of a lower mortgage interest rate but you could avoid some fees and charges by mentioning that you are a teacher. Some mortgage lenders actually guarantee your application be approved in a certain period of time if you are a teacher.
If you are a teacher or work for a school or university in some capacity it would be smart to mention this at the beginning of the mortgage refinance process. If you wait until the very end you might miss out on some of the discounts that could have been available to you. Some mortgage lenders might mention it to you at the beginning of the process but do not wait for them to ask; make sure to tell them up front.
Each mortgage lender is a little bit different so you will never know what type of discount you will get until you actually speak with the lender. Some lenders do not offer any type of discount whatsoever but you might be surprised at how many do. With the recession forces many mortgage lenders to close their doors, some of these companies are going to do whatever it takes to get some extra customers in the door. One of the ways they are doing this is by offering incentives to certain occupations.
There are several mortgage lenders that are advertising mortgage rates under 5%. If you can refinance at a low rate and get some of the fees and charges knocked off for being a teacher you could stand to see an amazing deal. It might take a few phone calls and some office visits to make this happen but it will be worth it in the long run because you could save thousands of dollars on your home loan.
Do not be afraid to get out there and ask questions. Many borrowers just take what the mortgage lender says as gospel and sign the dotted lined. Make sure that you are not this person. Ask questions and mention that you are a teacher and you might find that you get a much better deal on your refinance and you could get the process done more quickly as well.
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Author: Heather Best
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One Response to “Bad Credit Mortgage Refinance – Rate Discounts for Teachers?”
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September 25th, 2009 @ 8:19 am
Hi Heather, Thanks for passing along this great information! Teachers should also inquire at local community centers and lenders regarding “Homes for Heroes” programs in their area. These programs are not just for teachers they include educators and educational support staff, police officers, fire department personnel, health care professionals, military personnel (active and retired), youth workers, pastors and more. My company AboutYourMortgage.com provides free links to homeowners to their mortgage servicers. If our “Heroes” already have a mortgage they should check with their mortgage servicer to find out if there are any special refinancing programs available to them as well. Additional programs for military personnel are listed below.
Homes for Heroes
http://www.habitatoc.org
The program provides extraordinary savings to local heroes who
provide services to their community every day. A percentage
of the homes will be marketed to disabled veterans and their
families or surviving families of soldiers killed in action.
Homes For Our Troops
http://www.homesforourtroops.org
The mission is to build specifically adapted homes for severely
disabled soldiers and their families. The organization is a 501
(c)(3) non-profit which uses monetary and building material
donations to help families of disabled American heroes in
addition to soliciting trades people to donate their labor.
Keep spreading the good word that there is help out there but you have to look for it.
Tim D. Allen, CMB