Subprime Mortgage Brokers – Will They Get You Lower Mortgage Rates?
Posted on | March 28, 2009 | 2 Comments
To be completely honest, subprime mortgage brokers do not have the authority to get you a lower rate. Your rate is determine by the risk of default. If you are considered a subprime borrower, your risk of default is elevated due to the financial troubles you have had in the past. The best option is to work on improving your credit score and to start building up your savings. This may take several years, but could save you over $100,000 over the course of your lifetime.
The easiest way to improve your credit is to make sure all your bills are paid on time no matter what. If you are having trouble paying your bills, you need to find a way to scale back so your are more comfortable financially. Maybe you should downsize your current living arrangements or not eat out as much. There are many ways to save money to make sure that you can pay your bills on time. After several months and years of paying bills on time, your credit score will increase which will cause the mortgage rate you are quoted to decrease.
Yes, there are subprime mortgage brokers out there that will claim they can get you a lower mortgage rate, but this is not true. The brokers themselves do determine the exact rate you are going to get. Unless you must have a home right now, it would be advisable to increase your credit score and save some money before applying for that mortgage.
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March 28th, 2009 @ 9:44 am
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March 28th, 2009 @ 1:10 pm
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