Saxon Mortgage For People With Poor Credit [mortgageinsurance-101.blogspot.com]
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Saxon Mortgage, head quartered at Glen Allen, VA may be rated as a lender that specializes in providing financial assistance to people in the form of a variety of loans. The company would be well known for the personal touch offered to the debtor. Usually people looking for mortgage might do well to opt for a Saxon Mortgage home loan. The range of loan products on offer might not be more compared to some of the largest home mortgage lenders in the market. However, the company promises the clientele a more personalized touch for their mortgage needs. One of the major reasons why Saxon Mortgage might be an attractive option for home buyers or home refinancers might be that the company advances loans to people who might not have ideal credit. In fact, the targeted clientele base might comprise of people with less than ideal credit on their reports.
Saxon Mortgage offers online loan application processing along with telephonically speaking to a loan counselor or a personal interview with one of the loan counselors at their branches.
The company offers first time home purchase loans, refinance mortgage loans, debt consolidation services and home improvement loans. At Saxon Mortgage, the loan counselors involved with the loan processing take care of most of the procedure till the closing. The loan counselor would prepare the disclosures and verify the loan amounts and interest rates. Along with these, the loan counselor also would take charge of ordering appraisals and title reports of the property, submit the clients’ paperwork to the concerned underwriting department and also co-ordinate with the customer at the time of closing, once the loan gets approved, thereby, taking the burden off the clients’ shoulders for the coordination and paperwork involved for the closing of the loan application.Since people with poor credit might find mortgage refinance lenders who might be willing to take a risk, Saxon Mortgage can be an answer to their prayers.
The mortgage refinance options available at Saxon Mortgage might be few. The choice available might not seem to be a choice at all for some people. However, the counselors would help by providing relevant information that might put the customers’ possible future financial situation into perspective when deciding the terms and conditions of advancing the loan that would turn out to be advantageous for the customer. The mortgage options available would be 15 year fixed mortgage, 30 year fixed mortgage and adjustable rate mortgages (ARMs). It might be best to evaluate each of these options before opting for one. The decision would generally be based on factors pertaining to how long one would want to keep the home after refinancing, or if one might have plans to shift in the next three to five years etc. In case one w ants to remain in the house for a long period of time, opting for a 15 year or a 30 year fixed rate mortgage might be favorable in spite of the rate of interest charged being more, as one may easily budget the monthly payments which would not change with the ever changing rates of interest in the open market. However with a fixed rate mortgage one may not be able to take advantage in case the interest rates fall. On the other hand with an adjustable rate mortgage, after the fixed period, the rate of interest would adjust as per the interest rate in the market and so the amounts payable would vary. However one may take advantage of paying lesser when interest rates fall. The ARM might be beneficial to people who plan to move within the next three to five years i.e. with the fixed rate period of an ARM before it adjusts.As most of the targeted client base of Saxon Mortgage would be people with low credit ratings, the interest rates would be indicative of the risk involved in advancing loans. Hence the mortgage rates might seem to be on the higher side. However, finding a lender might be the key to many people’s problems and Saxon Mortgage might be a great answer in such times. There are many payment options available such as online payments, phone pay and automated payments. Online payments can be made on the exact payment date or scheduled before hand to be paid on the payment due date. In case of delinquency, late fees would be added. The other option of paying by phone, a 24 hour service, might be ideal. The customer calls a toll free number and follows the prompts. All payments received before 9:00 AM CST would be credited the same day to the customer’s account. The final option of payment would be where the customer’s checking or savings account would be deducted directly on th e date chosen by the customer.
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