Subprime Mortgage – What are My Options, Part 2
Posted on | February 9, 2009 | 1 Comment
Subprime mortgage – what are my options explained that the first step in getting a subprime mortgage is to get a credit score. After you have gotten a reputable credit score you need to decide what your options are. Individual credit scores are analyzed as follows:
lower than 539 – very poor credit
between 540 and 589 – poor credit
between 590 and 669 – fair credit
between 670 and 729 – good credit
above the 730 – very good credit
A credit score of 650 is currently considered being on the border for a subprime loan. If your rating is below 650 you need to decide if you can increase that score in the near future. If you have the financial means to pay off debt before getting a subprime mortgage, that would probably be the best idea. In the long run, you will save more by increasing your credit score before getting a mortgage. It would be wise to see down and see where your financial status will be in the next six to twelve months. If you cannot lower your overall debt and increase your credit score, you should go forth with contacting a lender to get a subprime mortgage. If you can lower your debt and increase your score, create a spreadsheet to get this done and do it!
Tomorrow we will show you some numbers on how you can increase your credit score and lower your overall mortgage payment.
Subprime Mortgage Series
Subprime Mortgage – What are My Options
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February 15th, 2009 @ 7:22 pm
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