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
- 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 :
- 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
- 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
Knowledge Base
How long will it take the latest 3 / 4% interest rate cut to affect the mortgage and loan companies rates?
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Are there any banks that give mortgage loans to people with bad credit?
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Knowledge Base: Mortgage Loan
Are there any banks that give mortgage loans to people with bad credit?
i am looking to buy my first home. my goal is to get to a 620 credit score but i know this will take quite some time. i was wondering if there are banks out there that give you loans to buy a home if you have bad credit or (mortgage loan refinance)
What are the key factors in obtaining a home mortgage loan?
my credit is not bad or fair. it's good, just below excellent. how good does your credit have to be and what other factors are key to successfully obtaining a home mortgage loan?. hi ronnie, your credit has to be at least a 640, so i am uming you will (mortgage loan refinance)
can i get a bad credit mortgage loan?
i am having a home foreclosed on, and would like to know if anyone can give me a mortgage?. that's funny. probably not. it's tough to get a mortgage now even if you have good credit. have you contacted your mortgage holder and ask them if they can re - (home mortgage loan)
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Any advice on bad credit mortgage loans?
yes. do not bother since you will not qualify. you will only be wasting the application fee clean up your credit. you need at least a 620 fico to even apply for a fha loan; 720 for a conventional. you will also need to resolve any derogatory items on your (mortgage loan refinance)
Knowledge Base: Bad Credit Mortgage Loans
Is there any way to get a mortgage loan with bad credit?
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Does anyone know where I can get a mortgage loan with bad credit?
we need to get a loan asap. we are in a lease to own agreement and time is about up. we have been doing things to improve our credit. a lot of neg have come completely off and others have been paid. we thought our score had increased but today (bad credit mortgage loans)
How can you get a mortgage loan with bad credit?
i have been trying for several month to get a loan for a new home, but i have had no success at all. everybody that i contact or apply with give me the same answer all the time, which is " sorry we can not help you at this time (bad credit mortgage loans)
Bad credit mortgage loan?
my husband and i are trying to get a home loan we only need 20, 000 for a home we are looking to purchase in tx. this would be our primary home. my husband's score is 573 and we need to get this done as soon as possible. we have (bad credit mortgage loans)
Are there any banks that give mortgage loans to people with bad credit?
i am looking to buy my first home. my goal is to get to a 620 credit score but i know this will take quite some time. i was wondering if there are banks out there that give you loans to buy a home if you have bad credit or (bad credit mortgage loans)
