Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of Credit
Have
you decided to refinance your home or apply for a home equity line of
credit but worry about your credit rating? Even with poor credit it is
possible to refinance your existing mortgage or obtain a home equity
line of credit. New practices in the lending industry have made it
easier than ever for you to refinance your mortgage or get a home
equity line of credit. If you have adverse credit, specialized lenders
can help you find the loan package your need with an interest rate you
can afford.
Refinancing your home loan can allow you to make
improvements to your home or consolidate debts. Some lenders offer
loans up to 125% of your home's value even if you have less than
perfect credit. Your current mortgage terms and interest rate, the
length of time you intend to stay in your home, and the level of debt
your currently have are all factors to be considered in making the
decision to refinance your mortgage. If you have equity in your home,
you will often receive a lower interest rate than those with little or
no equity.
Home equity lines of credit are revolving accounts
with your home serving as security for the loan. When you get a home
equity line of credit you are approved for a certain amount of credit.
The maximum amount you can borrow at a given time will depend on your
credit limit. Typically, a home equity line of credit will have a
variable rate of interest although some lenders may offer a fixed rate
as well. You will have an amount you can borrow at any given time and
you may not borrow more until a certain amount is repaid. Often you
will have specific times as to when you may borrow money from your
available credit limit.
Obtaining a home equity line of credit
is can be the perfect solution for people with remodeling goals,
children to put through college, or the need for access to extra cash
in the event of an emergency or unexpected financial situation. You can
use the money for any purpose and gain peace of mind in knowing you are
prepared for whatever life brings you.
Refinancing your mortgage
or getting a home equity line of credit has been the answer for
millions of people looking to realize their financial goals. Even if
your have bad credit there are loans and lenders who specialize in
helping finance people with poor credit. They can help you reach your
individual objectives.
To view our list of recommended bad credit or sub-prime mortgage lenders, visit this page: Recommended Bad Credit Mortgage Lenders.
About the Author
Carrie Reeder is the owner of ABC Loan Guide.
ABC Loan guide is an informational website about various types of
loans. The site has informative articles and the latest finance news.
Written by: Carrie Reeder
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