Prime Mortgage Lenders Consider Your Good Risk Profile

2007-03-08 10:33:40

( Financial )



If you have lots of cash in the bank, strong income, and virtually no credit problems, you are considered as a prime borrower (also known as an A borrower). You can qualify anytime to apply for a mortgage loan from prime mortgage lenders in the market.

Whether you apply for a prime or sub prime loan, lenders will ask you to provide some information regarding your income, expenses, the amount of your down payment and your deposits in the bank (cash reserves). Prime mortgage lenders or sub prime lenders then evaluate additional information from your credit report which includes your history of repaying borrowed loans, your current outstanding credit, and the length in years of your credit history.

Prime mortgage lenders then determine your risk profile, based on your scores in all these areas, and decide whether to grant or deny you a new mortgage. Getting the top mortgages with lower mortgage interest rates from prime mortgage lenders is a matter of fitting the right profile.

If you fit the profile of a low-risk borrower, most prime mortgage lenders will approve your loan even without putting some down payment. As a prime borrower, prime mortgage lenders consider you as one who would never let a loan go into default. But if you’re off a bit, you may qualify for a sub prime loan, where you have to come up with more cash and get a smaller loan amount.

It’s not hard to find prime mortgage lenders since they include commercial banks, savings and loans and thrift banks. You can get loans from mortgage bankers or you can enlist a mortgage broker to find the best loan for you. Or you can search Web sites yourself to get prime lenders or sub prime lenders to compete for your business. And, you can proceed to apply for loans online.


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