BAD CREDIT?
YOU CAN STILL QUALIFY FOR A HOME MORTGAGE
Home Loans for People with Bad Credit
No matter how bad you think your credit is, you could still
be eligible for mortgage financing.
At North Country Mortgage, ond of New York leading mortgage
lending companiesy, we simplify mortgage lending process to make it fast
for you to apply and qualify for a loan.
Regardless of whether you have a bankruptcy or delinquencies
or judgments on your credit report, you may still obtain mortgage financing
for a home purchase, refinance, or even cash out of your current home
equity. It doesn't matter whether you have charge-offs, collections,
or tax liens on your credit report, as long as you can meet the specific
guidelines for loan approval, bad credit home loan financing is possible.
In addition to having a certain credit rating, you will still need to
be employed, have sufficient income and assets and in some cases, have
a sufficient down payment depending on the type of home loan you are applying
for.
North Country Mortgage Banking Corp. offer a range of home mortgage for
good credit or bad credit. Bad credit mortgages often have higher interest
rates than most current mortgage loan rates.
How bad is your credit? Can you quality for a mortgage?
Credit category ranges from A Rating to D Rating.
Your credit rating dictates the down payment requirements for your new
home. However, you should know that categorizing consumers in to the various
credit categories could be somewhat subjective (and open to interpretation).
The list of credit categories is general industry guidelines. Ultimately,
it is up to the Loan Underwriter to determine the "creditworthiness"
of the buyer.
FIND
OUT IF YOU HAVE BAD CREDIT RATING
NCMB: Specializes
in Bad Credit Mortgage
$100,000 home loan for $339 per month! Generate Monthly Cash
Flow NOW.*
*The payment for the first year is based on start-interest rate of 1.375%
(APR 1.4%). You have the option every month to choose from 4 monthly payment
options which best satisfy your needs. The monthly payment of $339 monthly
remains fixed for 12 months and will increase to $364 beginning year 2
and continue to increase each year through year five at a rate. Rates
subject to change without notice. Payments are approximate.
Call for details to determine whether you qualify for option payment
mortgage program.
The Option Arm consists of adjustable rate mortgage (ARM) products with
the flexibility payment options for you the borrower. You are in control
of which payment option you want to make each and every month. The Option
Arm (ARM) payment each month is calculated based on the performance of
the MTA Index. The 12-MTA Index is based on yields published in the release
titled “Selected Interest Rate-H-5,” published by the Federal
Reserve Board on the first Tuesday of each month. The index is the calculated
based on 12 month average of the preceding months.
Payment Options:
You choose the payment option each month. A minimum monthly payment is
calculated off the low start rate. Then the minimum monthly payment is
fixed for the year. Each year the minimum monthly payment increases 7.5%
through year five. For example, if in year one the minimum monthly payment
is $339 monthly, then the minimum monthly payments for the first five
years are estimated as follows:
Year-1-$339; Year-2-$364 Year-3-$391 Year-4-$420 Year-5-$451
After the introductory period, borrowers may have four payment options:
1. The minimum monthly payment as described above
2. Minimum payment plus any interest owing for the current month (interest
only)
3. Full principal and interest to amortize loan fully within the original
loan term (40 or 30 years)
4. Principal and interest in the amount that would fully amortize the
mortgage over an initial 15-year term.
Deferred Interest
If you choose to pay the minimum monthly payment, then deferred interest
will accrue as the minimum monthly payment is not sufficient to pay the
total monthly interest due. You have the option to allow interest to defer
or may choose to eliminate any deferred interest by increasing the monthly
payment amount or by paying the deferred interest in a lump sum at anytime.
Call for addition details.
Eligible Properties
1-Unit properties
Single family, attached/detached
Second home
Condominium/Planned unit development (PUD)
Cooperatives (Co-ops)
Full Documentation
Loan amounts available for up to $1,500,000 with loan-to-value ratios
(LTV) ranging from 65% up to 80% with combined loan-to-values (CLTV’s)
up to 90%. Available for purchases and cash out refinancing. A minimum
FICO required of 620. Call for additional information on product guidelines
and restrictions.
Stated Income
Stated income loans are available for self-employed or non-salaried income;
at least one applicant must be self-employed or non-salaried.
Loan amounts available for up to $1,500,000 with loan-to-value ratios
(LTV) ranging from 60% up to 80% with combined loan-to-values (CLTV’s)
up to 80%. Available for purchases and cash out refinancing. A minimum
FICO required of 680 and in some cases a minimum FICO of 700 is required.
The minimum FICO may be reduced to 650 when the maximum LTV for the loan
limit is reduced by 5%. Call for additional information on product guidelines
and restrictions.
Refinance your mortgage NOW and save over $300
a month!*
*Savings based on refinancing a 30 year fixed rate mortgage of $100,000
with an interest rate of 6.75%. The difference in payments is approximately
$309 or $3,708 yearly.
$200,000 home loan for $678 per month! Generate Monthly Cash
Flow NOW.*
*The payment for the first year is based on start-interest rate of 1.375%
(APR 1.4%). You have the option every month to choose from 4 monthly payment
options which best satisfy your needs. The monthly payment of $678 monthly
remains fixed for 12 months and will increase to $728 beginning year 2
and continue to increase each year through year five at a rate. Call for
details regarding payment options, payment amounts and to determine whether
you qualify for option payment mortgage program. Rates subject to change
without notice. Payments are approximate.
Refinance your mortgage NOW and save over $615 a month!*
*Savings based on refinancing a 30 year fixed rate mortgage of $200,000
with an interest rate of 6.75%. The difference in payments is approximately
$682 or $8,184 yearly.
$300,000 home loan for $1,017 per month! Generate Monthly Cash
Flow NOW.*
*The payment for the first year is based on start-interest rate of 1.375%
(APR 1.4%). You have the option every month to choose from 4 monthly payment
options which best satisfy your needs. The monthly payment of $1,017 monthly
remains fixed for 12 months and will increase to $1,093 beginning year
2 and continue to increase each year through year five at a rate. Call
for details regarding payment options, payment amounts and to determine
whether you qualify for option payment mortgage program. Rates subject
to change without notice. Payments are approximate.
Refinance your mortgage NOW and save over $925 a month!*
*Savings based on refinancing a 30 year fixed rate mortgage of $300,000
with an interest rate of 6.75%. The difference in payments is approximately
$1,020 or $12,240 yearly.
Please note that your quoted rate may be higher, depending on your property
location, credit score, loan-to-value ratio, debt-to-income ratio, credit
score, income, employment status, and other factors. North Country Mortgage
Banking is licensed to provide mortgages, refinance home loans, bad credit
mortgages and home loans and other loan and refinancing services in New
York, Florida, Connecticut, South Carolina, Texas, and Minnesota.
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