Bad Credit Home Equity LoansWritten by Carrie Reeder
A home equity loan allows you to borrow against equity you have built in your house. Even if you have no equity, you may be able to borrow up to 125% of value of your home. You can use extra cash to consolidate bills, fund college tuition, or any other reason you see fit. If you have bad credit, you can still apply and be approved for a home equity loan. Mortgage lenders are offering great interest rates and easy terms on home equity loans, even if your credit history is less than perfect.A home equity loan will give you financial means to pay off your debts and begin rebuilding your credit. You can use cash for any reason you choose and you may even lower your monthly mortgage payments in process. Don't let bad credit stop you from applying for a home equity loan. Lenders are competing for your business and can offer you numerous options and choices when you apply for a home equity loan. Homeowners have an advantage when bad credit prevents them from obtaining new credit accounts. You can use equity in your home to secure a loan up to 125% of your home's appraised value. Bad credit will not exclude you from apply for and being approved for a home equity loan. Lenders are currently offering loan products for all types of credit situations. If you have bad credit and own your home, a home equity loan can be designed to fit your individual needs. You can begin rebuilding your credit and get extra cash you need to pay off high interest credit cards, past due accounts, and any other expenses you may have.
| | Refinance Your Second MortgageWritten by Carrie Reeder
A 2nd mortgage is a secured loan on your property, with your home serving as collateral. Depending on particular terms of your second mortgage, you could be able to refinance if you wish to reduce your monthly payments or are in need of extra cash. Refinancing a 2nd mortgage can be an option for those who want to pay off their mortgage (excluding any home equity lines of credit), reduce interest rate they currently pay on their second mortgage, or simply want reduce their monthly payments. Refinancing a 2nd mortgage can also be an option if homeowner wants to pay off mortgage, including home equity lines of credit, and receive cash.You can refinance your second mortgage even if your credit is less than perfect. Second mortgages are an excellent means of reducing monthly payments and getting extra cash for bills, remodeling needs, or any reason homeowner sees fit. If your interest rate on your 2nd mortgage is substantially above current interest rates being offered by most lenders, you may be able to refinance your second mortgage. Sub-prime loans are available for second mortgage refinances and even with adverse credit, you may be able to lower amount of interest you pay on your second mortgage. A poor credit rating is no reason not to explore possibility of refinancing your 2nd mortgage. Lenders are standing by to give you a no-obligation quote on refinancing your second mortgage. You can get quotes from several different lenders with one simple application, reducing number of inquiries on your credit report. Often you can submit your application with no initial credit inquiry at all. Now is perfect time to think about refinancing your second mortgage. You could be approved in less than twenty-four hours and begin saving money each and every month.
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