Archive for August, 2009

Getting A Loan With Bad Credit

Getting a loan with bad credit

You may think that getting a loan with bad credit is going to be extremely tough. Especially in these times, related to people, millions are getting bad credit and it gets worse on a daily basis. It’s not a bad thing per se but to have a poor credit score, but you may be a statistic just one of the millions who have bad credit.

Because of the credit crunch, getting credit loan’s is harder than ever. Banks are tied for and their lending requirements are tougher and tougher. While that may be so, there are financial establishments that are giving loans for people with bad credit. You do need to think about it though. If you are thinking about getting a loan with bad credit you need to plan in advance. One of the things you need to do is away your options and to a lot of shopping around.

The first rate you see may not be the best rate that is actually available. People that offer loans, especially unsecured loans like those credit cards can offer and advertise the best rate of available as long as they meet certain requirements for people with bad credit card load applications. You may be able to get the best loan rates but that’s not necessarily what will happen. Read more »

Bad Credit Mortgage Loan Refinance And Debt Consolidation

Are you looking for a bad credit mortgage loan refinance and debt consolidation?

How to get a mortgage loan Refinance to Consolidate Your Debt.

Before we talk about how to get a bad credit loan mortgage refinance, I do want to caution you to really think about whether or not this is the right thing for you. After all, bad credit is not something that happened by accident. And the question you really need to think about is whether or not something like this will put you in a better, or worse financial position. Getting a bad credit mortgage loan refinance as a way to consolidate your debt comes with a double edged sword. It comes with higher costs, and it also comes with greater responsibility. If you have a hard time managing the downside can’t be as severe as losing your home.

If you’re a homeowner and you have a very large mound of debt, refinancing might just solve your issues. Mortgage refinancing is a debt consolidation loan option. It’s common practice to refinance a mortgage to consolidate debt. It allows you to get a new mortgage at a lower rate and also pay off your debt. However, you’re not actually paying off your debt. And, that is a key point. What you are doing is transferring existing debt together and packing it onto your mortgage. The goal of this should be to lower the overall interest payments and in effect, save you money in the form of lower monthly payments. Read more »

Refinance House With Bad Credit

Refinance House With Bad Credit

So you want to refinance a house with bad credit? It might be a good idea to ask yourself how you got bad credit and why you need to refinance a house. Remember, any home refinance or any mortgage refinance will cost money. You need to factor in closing costs and any fees that will be charged in association with any home refinance. And, bad credit home refinance is usually the most expensive kind of mortgage refinance out there. It has everything to do with your risk and why you should consider your options with a bad credit home refinance.

Anyone who wants to refinance a house with bad credit is seen as potential risk. If the bank is not sure if you’re going to be able to repay your loan in a timely manner, or you pay possibly default on your mortgage loan, the bank is likely to charge you very high interest rates. The higher the interest rate charged on a mortgage loan, the higher the monthly payment will be. Read more »

Refinance Home With Bad Credit

Refinance home with bad credit.

Is it possible to refinance home with bad credit? That question is asked all the time. In general, it is offered to refinance a home with bad credit. There are many reasons for that. One of the big reasons is that the financial industry is currently in the biggest meltdown in history. As discussed in earlier posts, subprime lending and lax legislation have all added to the huge increases in mortgage default and foreclosure.

While it may have been easy to refinance home with bad credit in the past, with a credit crunch, the availability of cash has significantly decreased. If you do have bad credit and you are trying to refinance your home, you may have to wait until the economy recovers.

How many you have come across ads about refinancing your home with bad credit? Read more »

After Bankruptcy Mortgage Refinance

After Bankruptcy Mortgage Refinance

An after bankruptcy mortgage refinance can be a big problem. Afterall, the reason you went into bankruptcy was because you were unable to make all of your mortgage obligations, and you had to go to the legal system to help you get out of debt.

While that is probably the case, there is life after bankruptcy. In general, you may not be able to refinance or get any kind of credit for up to 11 years after a bankruptcy. While the reason for a bankruptcy is to get a fresh start, and that is why the legal system created it, the financial system i.e. the people with whom you want to refinance with may not be too excited to help you. Read more »

Home Loan For People With Bad Credit

Home Loan For People With Bad Credit

If you are looking for a home loan and have bad credit, the current state of the economy may not be best for you right now. In general, currently, banks who are issuing home loans are looking for someone with a credit score above 700. Part of the problem that has been created was due to the sub prime crisis that was created when major banks started to issue lots of risky credit, and then insured those loans with credit default swaps.

What has happened is that all of the people that qualified for home loans for people with bad credit are now going into default on their loans. They were duped into thinking that they would be able to refinance their home in 1-3 years because their home would appreciate. In the last 2 years, the entire housing industry has seen major declines in home values due to the huge rise in defaults. Read more »

Bad Credit Refinance Home Loans

Bad Credit Refinance Home Loans

Bad credit refinance home loans. Is it possible to refinance home loans with bad credit? Especially in this economic environment, that can be a challenge. With the mortgage melt down, and the increases in forclosures across the country, many lenders are not dealing with people that don’t have a stellar credit score. If you have bad credit and are trying to find a way to refinance your home loan, you would do best to try to talk with your current mortgage loan servicer and see if you can work out a loan modification.

People with bad credit but can pay a modified loan amount may qualify for a bad credit mortgage loan modification. In this situation,what happens is the loan or note holder will make an assessment as to the mortgagee ability to pay the note. If the underwriters believe that the person with the bad credit can make payments, they may refinance with no closing costs. Read more »