2007-12-13 06:40:08 · 9 answers · asked by Kyle L 1 in Business & Finance ➔ Renting & Real Estate
i heard with these mortagages u have to refinance in 2yrs or lose your house. the loan is based on the property value and if the bank is likely to make a profit in 2 yrs
2007-12-13 06:41:40 · update #1
These are called hard money lenders, they still exist they lend money on property not the customer as much. Normally the loan is fixed for 2 years and they will except very low credit. The main problem is the rates are very very high. 12% or more.
2007-12-13 07:23:17 · answer #1 · answered by The Dragon 2 · 1⤊ 0⤋
They are the subprime loans. Generally they have an interest rate that skyrocketed after the first few years.
You aren't going to find any, as getting credit is now much harder due to the subprime loans in the first place. The housing market bubble is directly related to the defaults occuring on those kinds of loans made that are now resetting and resulting in forclosure.
Loans, Credit, Housing market, they are all connected. One of them balloons, they all balloon. One of them bursts, they all burst.
2007-12-13 06:46:19 · answer #2 · answered by itsaGuy 3 · 0⤊ 1⤋
You are probably talking about the subprime loans. Thanks to the mortgage crisis, those are pretty much a thing of the past. Not many banks are willing to take a risk on subprime loans right now. Not many reputable banks that is. I am sure there are still a few scammers out there looking to lure someone in.
2007-12-13 06:43:35 · answer #3 · answered by A.Mercer 7 · 0⤊ 1⤋
sub prime loans are still out there. The Dragan is 100% correct. And to tell you the truth, the sub prime market has now become the "hard money lenders" with rates at 12%. hahaha. Times are changing friends...
2007-12-13 07:34:27 · answer #4 · answered by C B 2 · 0⤊ 0⤋
Not good. If your house drops in value in the next 2 years, then it would be impossible to get refinanced.
2007-12-13 08:11:48 · answer #5 · answered by pammi716 3 · 0⤊ 0⤋
In this credit market, no one is making legitimate loans for mortgages to anyone with sub prime credit.
2007-12-13 06:43:15 · answer #6 · answered by wizjp 7 · 0⤊ 1⤋
How anyone can be less than subprime?
2007-12-13 07:20:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I don't think those are options any longer...Do yo watch the news?
2007-12-13 06:43:20 · answer #8 · answered by punkin423 2 · 0⤊ 1⤋
Probably not anymore.
2007-12-13 06:42:21 · answer #9 · answered by bondnick 2 · 0⤊ 0⤋