Are there companies that mortgage loans for individuals at high risk?

Deal Score0

20% deposit is required to avoid PMI added to their mortgage payments. So if we all pay a monthly PMI – private mortgage insurance why not intervene and get a mortgage? Why do we even include our mortgage PMI insurance even if they do not intend to get a mortgage?

10 Comments
  1. Reply
    Joan Dark
    January 28, 2011 at 11:13 am

    Yes, and they charge higher rates for it too.

  2. Reply
    California_Cruisin'
    January 28, 2011 at 11:50 am

    Yes, but interest rates will be high. You should first contact a consumer credit counselor to fix your credit, then apply for a mortgage loan.

  3. Reply
    blisstar
    January 28, 2011 at 12:28 pm

    Yes there is, but be ready to get hit hard.. Usual the interest rates are huge, and it has a pre-pay penalty (I heard of some that last 5 years).. They like to stick it to you, then lock you in to the crappy loan for as long as possible. You may want to see what options you have to clean up your credit a bit first. It may take awhile to do, but can save you 10’s of thousands (if not 100’s) in the long run.

  4. Reply
    snyl
    January 28, 2011 at 12:30 pm

    PSU/PRIVATE BANK GIVES/THEY TOO DO THE INSURANCE OF THE BORROWER/ TAKES PROOF OF INCOME TO RE PAY THE LOAN AMOUNT .KEEPING ALL LEGAL DOCUMENT RELATING TO MORTGAGED PROPERTY.WITH THE LENDER OF LOAN
    THERE IS ALSO A WAY WITHOUT ANY INCOME U CAN REVERSE MORTGAGE U R PROPERTY GET EMI

  5. Reply
    Matt J
    January 28, 2011 at 12:58 pm
  6. Reply
    Screaming Eagle
    January 28, 2011 at 1:21 pm

    If it is for a house, the loan is secured by a trust deed, and you can usually get a loan, but the rate will be higher.

  7. Reply
    Searchlight Crusade
    January 28, 2011 at 1:58 pm

    Lending is a risk based business. You can find lenders who will lend to higher risk people, but the interest rate will be higher due to the risk, there will be a prepayment penalty so that you don’t refinance with someone else as soon as your situation improves (guarding against what insurance companies call adverse selection), and you will likely have to have a substantial down payment or significant equity.

  8. Reply
    Heidi B
    January 28, 2011 at 2:48 pm

    We just bought a house and we do not by any means have good credit. Our score is only in the 500 range. But we were approved our interest rate is a little higher. But it is still affordable we went thru coldwellbanker mortgage. We were surprised they approved us when others turned us down. We also did it for no money down. Good luck.

  9. Reply
    stevelarsondirect
    January 28, 2011 at 3:27 pm

    Definately. There are mortgages for almost all credit grades.
    A good mortgage broker should be able to assist. I’m a nationwide mortgage broker and enjoy the success of helping those with less than perfect credit buy their own home.

  10. Reply
    I wanna know for sure
    January 28, 2011 at 4:14 pm

    AIG insurance went bust because the PMI charges were insufficient to cover all the defaults. Plus, if people could not pay their monthly bills, PMI would probably be the first thing they stop paying.

    Leave a reply

    Register New Account
    Reset Password