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Where can i find a bank that gives a subprime mortgage loan withou a prepayment fee? |
Where can i find a bank that gives a subprime mortgage loan withou a prepayment fee? different mortgage solutions exists, I have outlined some below (Note : I would also suggest you read : http://umgarticles.atspace.com/mortgage.... Pension Plan Using a pension plan to accumulate the balance of your mortgage is a tax free saving scheme. The balance of your house will be saved over a period of time until you can pay your final balance. If you do intend to use a pension fund to save for the balance of your house, consideration should be taken into account to open another pension fund for retirement purposes too. ISA Plan With an ISA plan you invest in stocks and shares via an Individual Savings Account (ISA) - which is a tax-free method of saving. This method of saving may not be suitable for most borrowers. Before considering this option you should consult with an independent financial adviser. Endowment An endowment is still the most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment. The endowment policy along with the interest only mortgage should in effect end at the same time, leaving you with the ownership of your home and nothing to pay. Endowments have undergone much criticism; this is due to investors being promised high returns from their investments. However lately this has not been the case, borrowers have found their investments have been as good as expected and a shortfall in the end amount of invested cash will not match the amount owed on the current property. Taking into account the recent problems that have arisen regarding endowment policies it is worth remembering that returns on endowment policies have been pretty good, however you do need to see the term out in full. Also endowments do provide life assurance as part of the actual policy, so in the unfortunate event of a death the mortgage balance is paid in full. Advantages of an interest only mortgage 鈥?Your investments and savings could accumulate more than the required amount to cover the final payment; this could leave you more cash for your own personal use. 鈥?Some plans have good tax benefits and help reach the required amount it a quicker and cheaper rate. Disadvantages of an interest only mortgage 鈥?In the unfortunate event of your investments not acquiring the designated amount of cash to cover the loan repayment, the investor could face a shortfall which they will then need to pay. If you are worried about a shortfall on your investment, you should keep in touch with your investor and request regular updates on the situation of your endowment. If the worst comes to the worst, you can increase payments to compensate for the loss of investment. 鈥?Cashing in your endowment, ISA or pension could have adverse effects on the amount of money you have saved over the past however many years. If you do decide to cash in any existing policies you may be subjected to a penalty, this could be a cash amount specified by the investment company/lender. Please seek professional advice if you are worried about the end results of your finances, don鈥檛 be too hasty as most policies accumulate more of the cash in the final year for a complete informational package I suggest you visit one of the many mortgage informational sites the best free one in my opinion is : also read http://umgarticles.atspace.com/mortgage.... The majority of lenders if not all are going to hit you with a prepay penalty for their subprime borrowers. Certain lenders will let you buyout the prepay. What that means, is they can offer the loan to you without a prepay but it increases the interest rate. I work for Countrywide FSL and we are allowed to buyout a prepay on subprime. I work with over 100 lenders nationwide and for the most part all sub-prime loans have a pre-payment penalty attched to them however there is a way around this, I would be happy to discuss this with you, are you looking to re-fi soon? Please feel free to contact me via e-mail Jcorreahq@yahoo.com I will find the best solution for you. Hi There, there are many lender progrmas that dont require a pre pay...I assume you plan to sell or move from the house quickly and thats whay you dont want one? There are ways to waive a pre pay all otgether, but there is more info needed to tell you what you will qualify for.. My name is Jason Fry, i work for Porvidential Bancorp, a nationwide mortgage lender.. I owuld be hapy to assist you further with a mortgage loan.. Feel free to call me at 312-264-6448, or email me at jasonf@providential.com.. Good luck! Jason Fry Licensed Mortgage Consultant Providential Bancorp 312-264-6448 www.providential.com |
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