Bridge is the subprime mortgage lender that borrowers with bad credit trust for home financing and refinancing online. We offer both non-conforming and hard money loans for first time homebuyers with no or limited credit, as well as the borrower who has hit some bumps along the road and their credit scores have suffered. Today's subprime loan programs continue to help people with low credit scores and no equity.
New homeowners who need some extra cash to pay for improvements should set up a credit line or take out a home equity loan that provides instant money for borrowers who have extended themselves with their recent real estate transaction.
Bridge provides multiple subprime loan solutions for people who have equity or credit issues. Most companies have discontinued offering loans for bad credit, but our subprime lenders have extended their portfolios with what most banks would call "risky mortgages."
Bridge Mortgages specializes in Sub-Prime Home Loans for refinancing and purchase.
- Bad Credit House Loans
- 100% Purchase Loans
- Non-Prime Home Financing
- Equity Re-Mortgage
- Cash Out Credit Lines
- No Income-No Asset Program
- Interest-Only Home Mortgages
- FHA Loans for 1st Time Home Buyers
- Compare Subprime Loan Programs
- Underwater Loan Refinancing
It is virtually impossible for person to not be at least familiar with the term "subprime" when it comes to mortgage loans. This term is that all over the news over the last few years as the housing crisis has caused the worst recession since the Great Depression. These types of loans are often referred to as predatory loans and have left a lot of people underwater when it comes to their home loans. While it is true that these types of loans need to be dealt with cautiously and they are not for everyone, there are certain pros that may actually outweigh the cons for certain people out there.
The Pros Of Subprime House Loans
Easily the biggest pro these types of loans offer is the fact that they make it possible for individuals with bad credit to get a loan for a home. Where other types of loans are out of reach for individuals with bad credit, limited credit, or no credit whatsoever, a subprime loan can allow a person to finally purchase the house they have always wanted. Even individuals who have a bankruptcy or foreclosure in their past may still be able to qualify for a new home loan if they pursue a subprime loan.
The Cons Of Subprime Home Mortgages
Of course, it is the list of cons that should really make a person sit up and take notice. Many individuals who focused solely on the positive aspects of a subprime mortgage found themselves in deep trouble once the time came to actually make regular payments on their new home. These types of loans generally require a person to pay much higher interest rates than other, traditional loans and they come with much higher closing costs. It's also generally necessary for person to have more equity and their mortgage insurance will be much higher, leading to a larger monthly mortgage payment than the average person may be comfortable with.
When these types of loans are of the adjustable rate variety, an individual can easily find their monthly mortgage payment doubling or even tripling after just a few short years. For individuals who are barely able to cover their monthly payments to begin with, a larger payment can easily lead to a foreclosure, short sale, or getting behind on their mortgage within just a matter of a few short months.
Most experts out there agreed that these types of loans should be avoided at all cost.
Can I still Purchase a Home if my Credit Scores are Low?
Bridge Mortgages has helped thousands of 1st time homebuyers with low credit scores get approved for a mortgage for bad credit rating. We can help you qualify for a new home loan that works with your budget. We will help you consider several options for interest rates and terms with several of our competitive sub-prime mortgage programs.
- 3/1, 5/1, 7/1 10/1: Fixed Rate Subprime Loans with Interest Only Payment Options
- 15, 30 and 40 Year fixed rate amortization available
- 15 and 30 year Traditional Principal and Interest Payments
Get a No Hassle Quote Online with No Fees Upfront and Nothing Required to Pay Our Subprime Mortgage Lenders at Closing!
Learn about sub-prime loan products for people that need a 2nd chance. FHA allows subprime loans to borrowers with 500 minimum credit scores.
Bridge can introduce you to several private lenders that offer hard money home loan products that allow credit scores below 500. Meet private money investors that are excited to extend sub-prime mortgages to borrowers regardless of their credit score.