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Bad Credit Mortgage Company Warning Signs : Don't Be Taken Advantage Of
By Joe
As the real estate boom begins to slow down, many people are now facing climbing interest rates and property values that haven't appreciated as much as many would have hoped. It can happen to the best of us, it only takes one bad month and boom, you now have a late, missed credit card payments and other bills stacking up. In what many feel to be a worst case scenario, the dreary f word (foreclosure!) may even be rearing its ugly head. Panic and desperation begin to set in and you now are looking for a bad credit company.
Sadly, many companies salivate when they find out that someone is up against the wall financially. They know that if they can make a deal work, they can take advantage of the prospects desperation and make a killing on commission on the loan. Top three warning signs when dealing with a bad credit company.
1) Look Out For Bait And Switch Tactics
If a deal sounds too good to be true, it more than likely is. If you do end up making it the way to the signing table only find that the loan that you are now about to sign has a higher interest rate and/or extra fees that were not disclosed to you previously, don't be afraid to walk away. Any lender that chooses not to inform you fully before you sit down to sign the loan documents is obviously looking out for their own best interests with little care for your well being. You are not committed to anything until you sign the paperwork. Also, in most cases, on refinance transactions, you will have up to three days after you sign to change you mind and rescind the loan.
2) You Do Not Need to Be Rushed
If you need to work with a bad credit company, chances are that your financial situation and the stress that understandably comes along with it may make you feel like you need to just hurry up and get the loan done and over with. Wile it may be hard, don't feel that you need to rush the process. Unfortunately, there are unscrupulous lenders who know that you are feeling "pain" and will do everything they can to exploit your emotional state. While it is important to respond to your broker or lenders requests in a timely fashion, rarely should they be pressuring you to hurry up and close the transaction.
3) Beware Companies that Make you Pay Upfront Fees
There is absolutely
Illinois and Wisconsin Mortgage Rates as of 08/27/2008 9:59 AM CST : Current Mortgage Rate Trend: steady
30 Year fixed: 6.500% (6.565% APR)
15 Year Fixed: 6.000% (6.105% APR)
3/1 Jumbo ARM: 7.000% (7.165% APR)
5/1 Jumbo ARM: 7.375% (7.543% APR)
5/1 ARM: 6.250% (6.313% APR)
3/1 ARM: 6.250% (6.313% APR)
30 Year FHA and VA: 6.500% (6.564% APR)
30 Year Rural Housing: 6.750% (6.815% APR)
3/1 ARM Lot Loan: 6.875% (7.034% APR)
1/1 ARM Lot Loan: 6.725% (6.882% APR)
Illinois and Wisconsin Mortgage Rates as of 08/26/2008 9:22 AM CST : Current Mortgage Rate Trend: steady
30 Year fixed: 6.500% (6.565% APR)
15 Year Fixed: 6.000% (6.105% APR)
3/1 Jumbo ARM: 7.000% (7.165% APR)
5/1 Jumbo ARM: 7.375% (7.543% APR)
5/1 ARM: 6.250% (6.313% APR)
3/1 ARM: 6.250% (6.313% APR)
30 Year FHA and VA: 6.500% (6.564% APR)
30 Year Rural Housing: 6.750% (6.815% APR)
3/1 ARM Lot Loan: 6.875% (7.034% APR)
1/1 ARM Lot Loan: 6.725% (6.882% APR)
Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums
Effective July 14, 2008 FHA mortgage loans will charge new mortgage insurance premiums based on a combination of credit scores and percentage down. FHA will implement risk-based premiums on one- to four-unit single family mortgages.
Illinois First Time Home Buyer Mortgage Wisconsin First Time Home Buyer Loans
We pride ourselves on being able to assist the first time home buyer in learning and understanding the process. We take the time to review the credit process and explain the various lender programs available.
Illinois FHA Mortgage Wisconsin FHA Mortgage (Federal Housing Administration)
Ameristar Mortgage offers Illinois and Wisconsin FHA mortgage loans to Wisconsin and Illinois residents: Purchase a home thru FHA with no money down (100% financing). Cash our refinance with an FHA mortgage to 95%. Ameristar Mortgage is an approved mortgage broker for FHA loans in Wisconsin and Illinois including Chicago, Milwaukee and Madison.
Illinois and Wisconsin Jumbo Bank Statement Mortgage Program
Due to ever changing guidelines to the stated income program Ameristar Mortgage now offers jumbo bank statement mortgage programs to $1,500,000 available to Wisconsin and Illinois residents.
no reason you should pay any kind of fee to a company before they will agree to speak with you. Now, you more than likely will have to pay some fees before your loan closes (appraisal, title, escrow etc.) but the vast majority of those can be paid through the loan at closing. Upfront fees are more than likely just a tactic to make you feel committed to that particular lender.
If you are dealing with a bad credit company that exhibits any of the behavior outlined above, don't be afraid to just walk away from them and find someone that you feel comfortable with.
Fortunately, if you do need the services of a bad credit company there are many great companies, lenders and brokers that genuinely want to help you overcome your current credit situation and help you get back on the road to financial health and stability.
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