Bad credit refinancing » Poor Credit Score

Georgia Refinance Loans With Bad Credit in Atlanta, Savannah, Augusta, Athens, Columbus, Macon, etc

admin — Fri, 12 Mar 2010 13:18:07 +0000

Homes in Atlanta, Savannah, Athens and surrounding areas have appreciated to allow homeowners to take cash out of their homes, via home equity loans or home equity line of credit loans, to finance home improvement projects, credit card debt consolidation, education, etc.

If you live in Georgia and you need a mortgage refinance loan but you are worried about bad credit – know that it is possible to get a HELOC or Home Equity Loan, even with a low credit score be it 450, 500 or 550.

What is your FICO credit score?

Your FICO (Fair Isaac Corporation) score is number between 300 and 850, that indicates your financial health. A good FICO score is a score above 670, while a poor FICO score is a score below 620. Different lenders vary of what they consider a “fair” credit score versus a “poor credit score” – this
can be a gray line.

Having a good credit score allows you to get credit on competitive terms – good interest rates, exciting new loan products, credit cards, etc.

If you have a low credit score below 600, you will need to find a subprime refinance lender, who works with people with bad credit, whether it is due to poor debt management or a history of Chapter 7 or Chapter 13 bankruptcy.

Not all subprime lenders are created equal. The best lender is a lender, who is willing to look at your specific situation and find you the best loan product. Even though, you may have a low credit score, you may also have good equity in your home. Some lenders even offer up to 125% LTV (Loan-to-value) loans, if you qualify.

By: Alexandra French

Bad Credit Home Refinance Loans

admin — Fri, 15 Jan 2010 13:51:23 +0000

It can be an extremely useful option to be able to use the money tied up in your home to help pay off debts you may have, or simply to fund an important project or investment. Home equity loans help you to do this, though they can be hard to come by for those with a poor credit score. If you find yourself in this situation then why not try bad credit home refinance loans?

The great news is that if you own a home, even with bad credit, lenders are much more willing to lend money than in any other situation. However, if you fail to make all of the necessary payments then you should always remember that your home will be at risk.

Home refinance loans basically mean that you are taking out another mortgage on the property. Your home is the protection that lenders need, though the amount that they’ll be willing to lend will vary. It will help for you to have a good credit rating, and those with bad credit may expect a lower loan as well as higher interest rates.

Despite the fact that you may experience high interest rates, these kind of home loans can be a great way for you to move forward and help pay off your debt, so long as you’re careful. Many people run into problems by not paying off the loan, or taking more than they really need. So long as you understand your financial situation then you should be able to keep repayments in check.

Bad credit home refinance loans are available from many lenders if you look around. Once you have one, work on paying off your debts as quickly as possible which will help to improve your credit.

By: Shannon Hurn

How You Can Get A Bad Credit Refinance

admin — Mon, 11 Jan 2010 13:07:02 +0000

Recently, my significant other and I decided to refinance our house. We were unaware of the fact that we had bad credit until we sat down with a mortgage lender who told us our credit scores were terrible. He suggested a bad credit refinance.

There are a number of reasons you might have bad credit. The biggest cause of bad credit for most people is making late payments to various lending institutions on a regular basis. This tells most lenders that you cannot make regular payments to your other lending institutions, and that you are probably not capable of making regular payments to their institution. The later you are with your payments, the further your credit score plummets. Poor credit can also be caused by any type of bankruptcy. Whether you have used the type of bankruptcy that clears all of your debt or you have used the type that reorganized your debt so you could continue to pay it, most people use bankruptcy as a final option. It is sort of the last chance gulch for many debtors. No matter the type of bankruptcy you have filed for, the entry will remain on your credit report for seven years. It is a major signal to lenders that you are not to be trusted with loans. As a result, it can cause a very poor credit score.

There are lots of different reasons lenders give people with bad credit money. However, there is something you must remember. They are never, never doing this out of the kindness of their hearts. Their terms for bad credit refinance loans are often stiffer than regular loans. Lenders will typically charge much higher interest rates on any type of bad credit loans. This not only makes your monthly payments higher, it also makes the total amount you will owe the loan company substantially higher.

Even if you have bad credit, though, you may still qualify for a bad credit refinance. This is a great option for people who are interested in debt consolidation. Refinancing your mortgage can offer you the cash you need to pay off bills, take care of upcoming expenses, send your child to college, or take care of necessary home improvements. You will, essentially, be getting a secured loan by offering your home as collateral. This does, however, mean that if you screw this loan up, you will lose your home, no questions asked.

There are a number of different companies, primarily internet based, that offer bad credit mortgage refinance loans. Most of them offer fast, personal service. You can often get a loan decision in a matter of minutes via your e-mail account. This can be a refreshing change to people who are used to sitting down in a stuffy bank environments.

While obtaining a bad credit refinance can be more difficult, and they can cost more in the long run, it can help you to reestablish your line of credit after you have experienced credit problems. For us, a bad credit refinance was the solution to consolidating our debt. Perhaps when our credit report looks a bit sunnier, we can refinance again and leave the world of bad credit loans for the world of loans that offer better rates.

By: Christopher Luck