|
Bad Credit 2nd Mortgage Loans If you have bad credit
but are in need of a 2nd mortgage loan on your home.
Understand that there are many different types of second
mortgages you can get. It depends on whether you
want a revolving line of credit or a one time installment loan.
Make sure you shop around for the best lender. Try to
get get loan quotes from 2-3 different lenders before you decide
to commit to the loan.
Recommended Bad Credit
Second Mortgage
Lenders:
See below for the Most Reputable Lenders:
-(updated )-
When applying for a bad credit mortgage loan, make sure you are current on your existing credit lines. You will want your current credit to be as good as possible.
Also, make sure to include all the income you have. If you have any equity in any stocks or other financial accounts, make sure to mention that to the broker as well.
The more money you can put down on the loan, the more likely it is that you can get approved. FHA loans usually only require 3-5% down. They are also usually open to working with people with credit problems.
We analyze lenders based on:
- Does the lender have a "damaged credit" or subprime
mortgage loan program?
- How popular is the company among other borrowers with bad credit
history?
- Are they a solid, reputable lender?
- Other factors
One reason to apply with a recommended bad credit mortgage
lender, is that some subprime lenders practice what is called
predatory lending. They have excessive fees and interest
rates that are unreasonably high. They offer this,
knowing that some people will take it knowing they cannot get
a better offer. That is why it is important to educate
yourself about the loan process before you sign on the dotted
line. To compare offers, many times you don't even need to
have your credit score pulled. You can be referred to a
lender or program just based on your application and description
of your credit history. |
