Mortgage loans for bad credit?
Hi. I am currently trying to take out a mortgage on my home to pay off some bills, etc. My x husband left me in so much debt that my credit is completely ruined. So far the only offer I have is for a $55, 000 at 13 percent interest. Which turns out to be almost $220, 000. I know its a lot of money but I have no other options. If I go ahead and take out the loan for now, is it possible for me to refinance it once my credit gets better at a lower interest rate? I have never dealt with anything like this so any information would be very helpful! Thank you- Talk to your local banker
- Think carefully! That is an extremely high interest rate, plus you will be exchanging unsecured debt for secured debt your home, which will be at risk. You need to consider your total financial situation - income, employment, amount and types of debt
- If it puts you in a better situation then do it, if you pay off your credit card debt do not CHARGE IT AGAIN, keep it open and charge small amounts 50. 00 - 100. 00 to keep them active and reporting, your credit score will increase and you can refinance in a few years, also if you have more to put towards the P&I payment principal and intrest then the affective rate will be much lower. add up all your bills, house, credit cards ect. everything that you are paying off, if the new loan has a smaller payment then it's going to put you in a better financial position, remember, you do not have to keep the loan, make sure to look out for early payoff penaltys as well. good luck :
- See a bankruptcy lawyer before refinancing. "Bad credit mortgages" caused all these bank failures you keep hearing on the news, so if you can even get one, you will pay through the nose for it. Depending on the state you live in, you may be able to file bankruptcy and keep your house
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Anyone know of a mortgage company who deals in bad credit loans?
i do i work for a com pany name qt funding and we can help you with bad credit so if you like more info email me. h. s. b. c. & countywide. one person i know is in florida: jdonaldson@qmarloan.com he has a new program that was unveiled today. (bad credit second mortgage)
Knowledge Base: Bad Credit Mortgage
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Knowledge Base: Bad Credit Mortgage Loans
Is there any way to get a mortgage loan with bad credit?
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What types of mortgage loans are available for people with bad credit?
i recently lost my job, and got behind on payments. this has really impacted my credit. i am looking to buy a house, and could afford a down payment, but i need some type of mortgage company that works with people with bad credit. what types of companies are out (bad credit mortgage loans)
