Bad credit mortgage loans help consumers and homeowners with credit problems purchase a new home or refinance an existing one. They can even help consumers and homeowners re-establish their not-so-perfect credit and improve financial stability, therefore giving them the opportunity to apply for lower mortgage rates. Typically, bad credit lenders allow consumers this opportunity. These programs allow consumers to re-apply for a lower rate mortgage after 12 consecutive months of on-time payments. Making payments on-time will also help reverse bad credit scores. There are three types of bad credit mortgage loan programs that consumers can apply for:
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1. New Home Purchase
Bad credit home loans allow consumers with credit problems to buy a new home. If you are looking for a second home or you are a first time home buyer with bad credit this is the perfect solution for you. Once you get your credit back on track, you'll be able to apply for a lower rate mortgage. A bad credit home loan can also help you re-establish your credit because when you make on-time payments on a new credit account it shows you are gaining financial stability once again.
2. Mortgage Refinance
Bad credit refinancing is a process where consumers that have less-than-perfect credit can pay off an existing home loan with the proceeds of another loan using the same property as collateral. Once one year of on-time payments have been made then the consumer can refinance their loan and receive a lower interest rate and build equity faster. Bad credit mortgage refinance programs usually give consumers the chance to refinance their mortgage and consolidate their debt to lower their monthly payments.
3. Home Equity / Second Mortgage
Bad credit second mortgages are loans taken after the first mortgage that are secured against the same property as the first and are based on the amount of equity you have on the property. They are useful to consumers who want to use the equity (the difference between the market value of the property and any outstanding money due on it) on their home to borrow large amounts of money for a variety of different things, such as improving financial conditions, home repairs, and/or purchases. Some or all of the interest paid can be tax-deductible and a second mortgage can usually offer lower interest rates than credit cards. The biggest benefit of a bad credit second mortgage however is that it can help you get a second chance at establishing good credit and make you eligible for better loan rates in the future. These loans are also sometimes called bad credit home equity loans and carry the same benefits.
Homeowners that have bad or poor credit ratings should consider a bad credit mortgage loan program to help improve their credit scores and to get their credit back on track.
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