You've found that refinancing might be a good option for you, and you've started shopping for lenders. But what kind of loan should you look for? If you have bad credit, your needs are different from other people and you will be choosing different loans.Borrowers with poor credit have different objectives than borrowers with good credit. A borrower with good credit and a stable situation usually wants to lock in a low rate and keep the loan for some time. But a bad credit mortgage doesn't have the best rate, so you're not going to want to be stuck with it forever. แสดง
Repair Bad Credit with a Good MortgageSome mortgages, like the Fannie Mae and Freddie Mac alternative lending programs, work for borrowers with bad but not terrible credit. Your rate actually improves as you develop a good payment history, and your good behavior is reported to credit bureaus. Whatever program you choose, ask if they report your payment history to credit bureaus. You don't want to carefully rebuild your credit only to have no one see it!
Treat Your Bad Credit Problem with a Band-Aid MortgageIf you refinance into better terms and perhaps consolidate debt, you need to concentrate on improving your credit and finances over the next two years. A bad credit mortgage is not a good long term solution. Avoid really long term fixed rates and prepayment penalties longer than two or three years. An ARM fixed for two or three years should get you on your feet. Improve your credit and move to a good credit mortgage in two or three years. Treat your bad credit mortgage loan as a temporary solution to a problem, repair your credit, and move on. Don't let bad credit and bad credit mortgages become a way of life for you.
How to Refinance: What Loan is Best When You Have Bad Credit?
By Gina PogolMortgage Credit Problems Columnist
About the AuthorGina Pogol works as a writer and editor for an online media company. She has a BS in financial management, and was formerly a business credit systems consultant with Experien and a mortgage loan consultant.
Friday, May 9, 2008
How to Refinance: What Loan is Best When You Have Bad Credit?
Thursday, May 8, 2008
Bad Credit Loans .Get Money And Solve Your Cash Issues
When the problems are numerous, friends are few. These words are very apt when it comes to the situation of bad credit. Fulfilling your cash needs when having a bad credit history, it may be difficult to get the support you want. Getting external help will still suit you as the money is available without any hassle through bad credit loans
The borrowers who have a credit score which is lower than 580 in the FICO report may be suffering from this problem due to various factors. It can be arrears, defaults, missed repayments or CCJs that have caused this problem. But the borrowers still deserve a chance to avail these loans for their needs.Through these loans, the borrowers can choose whichever option that they like out of the secured and the unsecured form, according to suitability. The loan form also depends upon the ability of the borrower to pledge collateral with the lender for the money. If a bigger amount is required by the borrowers, they can take up the secured form by pledging an asset with the lenders. Amounts can be borrowed within the range of £5000-£75000 for a term of 5-25 years. The home, car or any asset of the borrower can be pledged as collateral.Borrowers who need smaller amount can also take up money and that too without pledging any assets. This is possible through unsecured form of these loans. Money that is obtainable by the borrowers lies in the range of £1000-£25000 and has to be repaid in a term of 6 months to 10 years. Tenants and non-homeowners can also take up these loans for their needs easily.Adverse credit history of borrowers may entail a higher rate of interest. But with the help of online research and comparison, the borrowers can take up low rate deals with the help of comparison of the loan quotes easily.Bad credit loans are a great opportunity for the borrowers to avail money at the most needful times. It is a great respite for borrowers stuck in bad credit.About The AuthorSimon Tauffel has been associated with Bad Credit Unsecured Personal Loans. To find more about Bad Credit Loans, Unsecured Loans, Personal Loans, Unsecured Personal Loans, Bad credit unsecured loans
