Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of CreditWritten by Carrie Reeder
Have you decided to refinance your home or apply for a home equity line of credit but worry about your credit rating? Even with poor credit it is possible to refinance your existing mortgage or obtain a home equity line of credit. New practices in lending industry have made it easier than ever for you to refinance your mortgage or get a home equity line of credit. If you have adverse credit, specialized lenders can help you find loan package your need with an interest rate you can afford.
Refinancing your home loan can allow you to make improvements to your home or consolidate debts. Some lenders offer loans up to 125% of your home's value even if you have less than perfect credit. Your current mortgage terms and interest rate, length of time you intend to stay in your home, and level of debt your currently have are all factors to be considered in making decision to refinance your mortgage. If you have equity in your home, you will often receive a lower interest rate than those with little or no equity.
Home equity lines of credit are revolving accounts with your home serving as security for loan. When you get a home equity line of credit you are approved for a certain amount of credit. The maximum amount you can borrow at a given time will depend on your credit limit. Typically, a home equity line of credit will have a variable rate of interest although some lenders may offer a fixed rate as well. You will have an amount you can borrow at any given time and you may not borrow more until a certain amount is repaid. Often you will have specific times as to when you may borrow money from your available credit limit.
Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage LoanWritten by Carrie Reeder
Do you have bad credit that you worry will stop you from being able to apply for a home mortgage loan? Have you given up on dream of being a home owner? Well don’t. Take comfort in fact that there are special home mortgage loans that you can apply for, that will make sure your dreams of becoming a home owner are fulfilled!
Home Loans Are Flexible - The first thing you need to keep-in-mind is that home loan mortgages are very flexible – they can be adjusted to meet needs of any borrower. So, if you have a bad credit history, but circumstances have changed in your life and now you are looking to become a home owner then all you need to do is to find a lender who is willing to lend.
First Look at Companies That Specialize in Bad Credit Mortgages - Bad credit mortgage lenders or otherwise called, subprime lenders, are always best place to look first. Bad credit mortgage companies specialize in lending to people with less than perfect credit to very bad credit, even if they are first-time buyers. The may charge you extra over life of home loan mortgage than would have otherwise been case had you not had bad credit history, but that’s why they’re in business!