Q. I do own my own home but am still paying off my mortgage. My son needs more money for college and we've tapped out on student loans and my credit cards are all maxed. I was wondering what I could do and thought that a home equity loan with bad credit might be an option. I don't know if it's a good idea though.
A. When you take out a home equity loan, you are basically borrowing money and putting up your house's equity as collateral. It's like any other loan but this kind states that the lender can take your home, in very plain terms, should you default on your loan.
When you're looking for home equity loans, bad credit shouldn't stop lenders from giving one to you. It doesn't sound like you're in too good financial standings so make sure that you will be able to pay back the loan because losing your home would not make your situation any better. I sincerely recommend you spend at least a day budgeting out the next few years of your life in preparation for this new loan. On the bright side, it will be a much better lending rate than other high interest rates in which only your credit is offered as collateral, but the stakes are higher for failing to pay.
I do think that your sons college education is a great reason to take out a loan though. If you have to make some sacrifices to make it happen and pay the loan back, I think that you probably should. Get your kid to help pay the loan back after he's graduated and making money; the odds are that the loan will still be around then.
When you're looking for home equity loans, bad credit shouldn't stop lenders from giving one to you. It doesn't sound like you're in too good financial standings so make sure that you will be able to pay back the loan because losing your home would not make your situation any better. I sincerely recommend you spend at least a day budgeting out the next few years of your life in preparation for this new loan. On the bright side, it will be a much better lending rate than other high interest rates in which only your credit is offered as collateral, but the stakes are higher for failing to pay.
I do think that your sons college education is a great reason to take out a loan though. If you have to make some sacrifices to make it happen and pay the loan back, I think that you probably should. Get your kid to help pay the loan back after he's graduated and making money; the odds are that the loan will still be around then.
I want to know everything on taking out a mortgage with little or bad credit?
Q. I want to start flipping houses. I need to know everything about taking out a mortgage loan with LITTLE to BAD credit and what do you know about getting a loan on a For closer. I make 2500 a month and have the money monthly and the man power and a GREAT sales man to back me up now I just need the LOANS. PLEASE HELP!
A. Try http://poorcreditvisa.com
I tried the program for poorcredit with OX publishing.. it's on the first page of this particular site. I signed up with an opening line of credit and it showed on my credit report as good standing.. Credit lines are from 5k to 10k with bad credit, they approved me!
Good Luck.
I tried the program for poorcredit with OX publishing.. it's on the first page of this particular site. I signed up with an opening line of credit and it showed on my credit report as good standing.. Credit lines are from 5k to 10k with bad credit, they approved me!
Good Luck.
Does anyone have any good ideas for marketing a local newspaper ad for a mortgage loan officer?
Q. I am a mortgage Loan officer and its my 1st time putting up an ad in a small local paper. I need any ideas that work with getting customers. I was told not to put the words "bad credit" because people with crappy credit will then come to me. although we do 540+ credit scores. Anyways, any ideas or sugesstions that you guys might have to help me out on this one? Just trying to pick up some more clients than i already have.
A. just make sure it says something like "we will work with you one on one to find the best option to fit your needs" or something along those lines. something to help the customer feel like they will a priority, not just another commision.
way to get a mortgage loan even with bad credit?
Q. Hi , my home is sold and I am looking at a condo, I have half of the money for the condo but will need another half through a mortgage loan.I was wondering if there is any way at all to obtain a mortgage loan with bad credit,
Is there any way possible to do this
Is there any way possible to do this
A. Many mortgage companies are reluctant to finance people with bad credit or no money to put down. A bad credit mortgage lender helps people who have bad credit score, low income, etc.
A bad credit mortgage lender helps you get your loan approved much faster than programs offered by credit unions and banks. But you have to pay the price to get a bad credit loan. The loan you get will carry a higher rate of interest and will have higher closing fees.
It is advisable to check the rates with a few more bad credit lenders and compare. Even though you have to pay a higher rate, see that the one you settle at is reasonable and the most favorable. At present interest rates are low so try and get the best deal.
You can always wait a while, improve your credit score and then get a loan at a low rate of interest. Some bad credit mortgage loans carry a prepayment penalty, so make sure your loan doesn't have one. These bad credit mortgage loans have 6 months to 2-3 years prepayment penalty. This means you have to pay huge sums of interest for at least 6 months before you can pay off the loan. If there is a prepayment penalty you should take the loan that has the shortest term so that you can pay off the loan quickly without paying any penalty.
To compare loan offers complete our short form above. Mortgage Loan helps you find the best bad credit refinance loans, bad credit home equity loans, bad credit home purchase loans and bad credit debt consolidation loans.
A bad credit mortgage lender helps you get your loan approved much faster than programs offered by credit unions and banks. But you have to pay the price to get a bad credit loan. The loan you get will carry a higher rate of interest and will have higher closing fees.
It is advisable to check the rates with a few more bad credit lenders and compare. Even though you have to pay a higher rate, see that the one you settle at is reasonable and the most favorable. At present interest rates are low so try and get the best deal.
You can always wait a while, improve your credit score and then get a loan at a low rate of interest. Some bad credit mortgage loans carry a prepayment penalty, so make sure your loan doesn't have one. These bad credit mortgage loans have 6 months to 2-3 years prepayment penalty. This means you have to pay huge sums of interest for at least 6 months before you can pay off the loan. If there is a prepayment penalty you should take the loan that has the shortest term so that you can pay off the loan quickly without paying any penalty.
To compare loan offers complete our short form above. Mortgage Loan helps you find the best bad credit refinance loans, bad credit home equity loans, bad credit home purchase loans and bad credit debt consolidation loans.
is there anywhere i can get a home equity loan with bad credit?
Q. my boyfriend and i have bad credit but we own a $85,000 home with no mortgage. the house is paid for. we were looking into getting a home equity loan to pay some back bills off and do home improvements. is there anywhere that we could get a loan even with bad credit?
A. Then why do you want to put the house at risk by using it as an ATM machine?
You DO NOT save any money paying off bills with the house...all you do is take unsecured debt and turn it into secured debt.
Having a free and clear home is one of the most important assets a person can have.
Please work an extra job or something to save up money for what you want to spend money on. I would highly, highly recommend that you not go that route, especially when you aren't even married...b/c marriage gives you LEGAL protections that you simply do not have, when you are living together.
You DO NOT save any money paying off bills with the house...all you do is take unsecured debt and turn it into secured debt.
Having a free and clear home is one of the most important assets a person can have.
Please work an extra job or something to save up money for what you want to spend money on. I would highly, highly recommend that you not go that route, especially when you aren't even married...b/c marriage gives you LEGAL protections that you simply do not have, when you are living together.
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