| Hybrid mortgages allow homeowners with poor credit | | | | Mortgage lenders often charge penalties if you |
| a temporary period of low mortgage payments to | | | | refinance or sell the property before the penalty |
| rebuild their credit. These hybrid mortgages are | | | | expires. If you have poor credit you may not qualify |
| offered by specialty mortgage lenders known as | | | | for a mortgage without this penalty; try and choose a |
| "sub-prime" mortgage lenders. If you are considering | | | | mortgage with a penalty that expires before you will |
| using your mortgage to rebuild your credit here are | | | | be refinancing the loan. |
| some tips to help you. | | | | Finding a Sub-Prime Lender |
| Hybrid Mortgage Loans | | | | Hybrid mortgages are offered by a variety of |
| Hybrid mortgage loans are a special type of | | | | mortgage lenders. The interest rate you qualify for will |
| Adjustable Rate Mortgage that comes with an interest | | | | depend on the state of your credit and how much |
| rate as much as 2% lower than traditional mortgage | | | | shopping you have done for the best loan offer. It |
| loan. Hybrid mortgages offer a fixed introductory | | | | pays to shop around from a variety of mortgage |
| interest rate for a period of time specified in the loan | | | | lenders and compare all aspects of the mortgage |
| contract, often three to five years. At the end of the | | | | offers you are considering. |
| introductory period the loan is converted to a standard | | | | Once you have the hybrid mortgage, concentrate on |
| Adjustable Rate Mortgage at the prevailing interest | | | | making all of your payments on time and paying off |
| rate. | | | | other debt. You can improve your credit score |
| Once the mortgage lender converts your Hybrid | | | | significantly by maintaining low balances on your credit |
| mortgage you will want to refinance to a traditional | | | | cards and paying bills on time. You can learn more |
| mortgage to take advantage of your improved credit | | | | about your mortgage and credit options by registering |
| rating. It is important that the Hybrid mortgage you | | | | for a free mortgage guidebook. |
| choose does not have a prepayment penalty. | | | | |