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7 Reasons to Choose a Mortgage Broker over On-Line Lenders
1. Personal Advice: Breakwater Mortgage Corporation calls Hampton Roads and the surrounding communities (Norfolk, Suffolk, Chesapeake and Portsmouth) home and an on-line lender could be located anywhere. Breakwater Mortgage Corp. is located in...
Australian Mortgage Sites - Make the Right Choice
With the hectic pace of life for so many of us today, is it any wonder that we're conducting more of our everyday transactions online? Even when it comes to more serious long-term decisions, consumers frequently start the shopping process by...
Get Free Mortgage Quotes From Top Colorado Mortgage Brokers
Welcome to Coloradomortgagedepo.com - A complete mortgage service site connecting you with best Colorado mortgage brokers and lenders. Let us help you find best Colorado mortgage loan programs with a reputable mortgage lender or mortgage brokers...
Home Loans and Mortgages - Shop Around for the Best Deal
The real estate market has been booming in the U.S. for some five years now and a record number of Americans now own their homes. The mortgage industry has recognized the fact that people have all kinds of needs and incomes and has provided an...
Your Mortgage Rate Lock - Don't Let It Slip Away
It's a great feeling to know that you have locked your interest rate. You can now close your dream home with the payment you can afford. No worries about a volatile market. However, it is important that you read and completely understand the...
 
Bad Credit Mortgage Refinancing

Bad credit mortgage refinancing loans are used to solve two different problems.

Problem Number One: The homeowner has bad credit, significant high interest credit card debt and a home with substantial equity. In order to pay off the high interest bills, the person refinances his/her home and cashes out all or part of the equity. The cash from the equity is used to pay off the high interest obligations. Although the interest rate on the bad credit mortgage refinancing loan may be higher than that of a conventional loan, the house payment should still be less than the total of the high interest consumer debt.

A bad credit mortgage refinancing where the owner intents to use the cash from the home's equity to pay off bills is called a debt consolidation loan. The value of the home being refinanced must have grown so that the home's appraised worth will justify a larger loan. The new loan amount must be high enough that the owner can cover the loan's closing costs and still have enough left over to pay off the credit card debt.

A bad credit mortgage refinancing such as this can have several advantages. The term of the loan will be longer. Since even a high interest subprime loan carries a lower interest rate than do high interest credit cards the new house payment will be smaller than the total of the old house payment and the consumer debt payments. However, choosing to refinance in this manner carries risks. If the homeowner does not change the behavior that led to the high debt, even more high interest credit card bills may be accumulated. Since the homeowner's equity has already been "cashed out" of his/her house the only alternative in a


money crunch may be bankruptcy or foreclosure.

If a homeowner chooses a debt consolidation loan as the method of bad credit mortgage financing, it is imperative to use the cash received to pay off the accumulated debts. Credit counseling to keep from returning to poor credit practices should also be considered.

Problem Number Two: The homeowner had bad credit when the home was originally purchased and had to take out a high interest subprime mortgage loan at that time. Two or more years have passed since the loan was made during which time the homeowner has made all of the loan payments on time and has incurred no other bad credit. Now the time has arrived to refinance the loan and receive a better interest rate.

Even with two years of excellent credit history, a homeowner trying to refinance a bad credit mortgage may not be able to obtain a conventional low interest loan. The type of loan that can be attained will depend on a variety of factors such as current income and how much debt the homeowner has.

Refinancing a bad credit mortgage under these circumstances may be a good idea if the following two statements are true.

1. The new loan will carry an interest rate two or more percentage points lower than the current loan.

2. The homeowner plans to stay in the house for three or more years.

About the author:

Carrie Reeder is the owner of www.abcloanguide.com, an informational website about various types of loans. View her recommended Bad Credit Mortgage Refinance lenders.

 

E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings ...
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LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance
Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online.
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Calculators - Refinance Calculator
1, CURRENT MORTGAGE. My monthly payment is: $. My current interest rate is %. I have years and months left on this mortgage. ...
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Refinance | Mortgage Loans | Home Equity Loans
Join over 3 million homeowners who have used GetSmart, a service of LendingTree, to find a better mortgage, refinance, home equity, or debt consolidation ...
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Mortgage Refinance - Debt Consolidation Loan - Mortgage Loans ...
iMortgage Central is a borrower's marketplace that provides the consumer a connection with mortgage lenders that match them to their individual needs.
www.imortgagecentral.com
 
Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans
Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI.
www.quickenloans.com
 
Mortgage Refinance Calculators and Mortgage Tools - Quicken Loans
Mortgage refinance calculators from Quicken Loans allow you to calculate your mortgage payments for a variety of refinance loans, home loans, ...
www.quickenloans.com
 
Mortgage Refinance Calculator
Mortgage Refinance Calculator. As those interest rates drop, it's often difficult to know when it's to your advantage to refinance your fixed-rate mortgage. ...
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Mortgage Refinance Costs
Mortgage Refinance Costs. When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay ...
www.mortgage101.com
 
Bad Credit Mortgage Refinance,Bad Credit Home Loans,California ...
Bad credit home loans,California mortgages,Debt Consolidation Home Loans, Refinance Home Loans, Refinance Mortgage Interest Rates,Second Mortgage solutions ...
www.alliancemtg.com
 
Directory: mortgage refinance
Internet Access · Online Education · Insurance Quote · Arts · Domain Name · Nutrition · Computer Hardware · Television · Home Mortgage Refinance ...
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Mortgage Refinance Home Loan - Homeloancenter.com
Our Mortgage Refinance Home Loans allow you to get cash out with a Low mortgage Rates from the leading online lender. Bad Credit Loans are ok.
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Mortgage | Refinance | Home Equity | Home Loans | Mortgage ...
This era has been marked as the mortgage refinance era. ... Call Us Today For A Free Quote On Your Mortgage Refinance, Home Equity Loan, Debt Consolidation ...
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Mortgage Refinance & Credit Card Rates
Mortgage Refinance · Home Purchase Loan · Home Equity Loan · Debt Consolidation · First Time Home Buyer · Refinance->Cash Out · Lower Payment ...
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Home Loan Center - Home Equity Loans | Mortgage Refinance | Bad ...
The leading online lender for home loans, home equity loans, mortgage refinance and bad credit loans. We are approved in all 50 states.
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Mortgage Refinance Options : Cut Your Rates with a Loan Refinance
Get Free No-Risk, No-Obligation quotes for your Refinance from up to 4 lenders.
www.mortgageloanplace.com
 
Wells Fargo Home Mortgage - Refinancing
Wells Fargo Home Mortgage can help you customize a refinance that supports your unique financial goals.
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Mortgage Refinance, Health, Auto, Life Insurance Quote
Online marketplace to refinance and save on your mortgage. Receive up to 4 offers. Save money with GoApply.com for all of your financial needs such as ...
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Mortgage Refinance
Apply for a mortgage refinance today with us! We work with the nation's largest network of recognized mortgage lenders to bring you the best deals on a ...
www.wilsondaily.com
 
What is a Mortgage Refinance
A mortgage refinance refers to applying for another mortgage to replace an existing mortgage on the property. There are many reasons why borrowers decide to ...
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