Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

How do I know what is the best Second Mortgage Home Loan for me?

The information in your credit history helps mortgage lenders decide how much credit and what interest rate you are eligible for, and then match it to a bad credit home loan. The better your credit history, the more likely you are to qualify for the best credit deals. The first step is to understand if you are considered a credit risk. Most lenders will consider you a higher credit risk only if your credit report states that you have more late and slow payments than what is shown below:

Revolving credit (i.e. credit cards): No payments 60 days or more past due and no more than two payments 30 days past due.

Installment credit (i.e. car loans): No payments 60 days or more past due and no more than one payment 30 days past due.

Housing debt (i.e. mortgages and rent): No payments past due. This can be proven by providing (borrower's) canceled checks for the past 12 months or a loan payment history from the mortgage service.

OK, so you have bad credit, but how bad is it? The very first step to obtaining a bad credit home loan is to obtain a credit report, along with your credit scores. There are 3 main credit reporting agencies used by the mortgage Industry and they too will usually pull a credit report. Then the credit score contained within the credit report is used to determine your credit worthiness. And all this will determine which of the bad credit home loan products would suit you.

First you need to determine how long you need the second mortgage home loan for. Some second mortgage home loans may extend for as long as 15 or 20 years; others may require repayment in one year.

Be sure you understand how much your second mortgage home loan monthly payments will be and what they cover. Your mortgage company should be able to give you this information in advance. With some second mortgage home loans, you'll be required to make monthly payments on the principal and interest. With other loans, you may be required to pay interest only on the borrowed amount.

Many companies will charge a fee for lending you money. The fee is usually a percentage of the second mortgage home loan and is sometimes referred to as "points." The number of points mortgage companies charge varies, so it may be worthwhile to shop around. If the fee seems too high, you may be able to bargain for or find a lower fee. Be sure to get the amount of the fee in writing before you take the second mortgage home loan.

If you have a fixed rate loan, the interest rate is set for the life of the loan. However, many companies offer variable rate mortgages, also known as adjustable rate mortgages or ARMs. These provide for periodic interest-rate adjustments.

I have had over a dozen loans in the past three years including bad credit mortgages due to a bad credit history. This information comes from my experiences, good and bad but are proven strategies to get out of debt and make some real gains.

Check it all out at... http://www.freeinformationonline.com/home_loans.htm

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Home Loan Lenders - Finding the Best Home Mortgage Lender The process of obtaining a mortgage or home loan can be very stressful and quite time consuming. Finding the best lender for your situation requires research and comparisons between lenders and loan packages. Uk House Price Increases Take A Summer Holiday Property website Rightmove has released its latest house price index announcing a "Summer sale" for house buyers. The report shows that on average, house prices fell by 1% over the four weeks leading up to 9th July, indicating that the "affordability gap" between house prices and buyers ability to purchase, is at last starting to close. First Time Home Owner Mortgage Loans First time home owners are sometimes surprised at the complexity of the mortgage lending process. If you are searching for a mortgage and you have never owned a home, there a few things you can do to make the mortgage process less confusing. Guide to Remortgages Here is a useful guide to remortgages. What is a remortgage? A remortgage is when the terms of the original mortgage are renegotiated, and usually means that the borrower increases the amount that they are borrowing, which is often possible due to a rise in the value of the property. Is an ARM Right For You? Let's start by taking a look at 7 key elements of an adjustable rate mortgage:1) ARM defined: While a fixed rate loan is constant and never changes throughout the life of the loan, an adjustable rate mortgage changes periodically. The interest rate of an ARM goes up and down based on whatever external index it is tied to. Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment. Mortgage Questions to Ask Your Lender Buying and financing a home today can be overwhelming. Here are some questions to ask your lender so that you can make informed decisions. Why Choose a Home Owner Loan? Most people choose a home owner loan as it can release the capital that is tied up in their property for immediate use. The loan can be used for any purpose, and is available to anyone who owns their home. Bankruptcy and Buying a Home Filing bankruptcy is a stressful time in a person's life. Along with discharging your debts and gaining a fresh start, you may wonder if you will be able to buy a home after a bankruptcy. Home Equity Loans Can Provide Cash in a Hurry Think About the Long Term. Estimate how long you expect to stay in your current house. To Refinance or not to Refinance -- Here is the Answer I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their monthly payments by turning their high fixed rate mortgage loan into a much lower ARM. New Home Loan - Understand The Various Types Of Mortgage Lenders So, you've decided to buy a house, and you're ready for that all important next step-applying for a mortgage loan. But where should you go? After all, the mortgage business is complex, and you've realized quickly that your choices for lenders are immense. What is a Self-Certification Mortgage? A Self-Certification mortgage is a mortgage designed for people who are unable to provide proof of income. This type of mortgage was originally designed for the self employed who historically experienced difficulty obtaining a loan with 'high street' lenders due to not having audited accounts available. Mortgage Calculator - How to Calculate Your Monthly Mortgage Payment Just starting to shop for a new home? Do you want to know how to figure what your monthly payment would be based on a certain priced home? No problem, there are plenty of mortgage calculators on the web you can use free of charge (click here for an example of one). All you need to know is the mortgage amount, sale price less the down payment, interest rate (also easy to access on the web), and the number of years you wish to finance your new home, usually 30 years (360 months) is the maximum term. Bad Credit Loans Authenticate What Is Positive About Bad Credit This might not be the front page news but it is now out in the open! 'Bad credit is getting loans - all kinds of loans'. Lending institutions, banks and other financial constitutions are coming forward to provide loans for bad credit. Sell Your Home and Invest at the Same Time I continue to see the same For Sale signs in my neighborhood. The houses just aren't selling. What is an Interest Only Mortgage? An Interest Only Mortgage is one where the repayments are made up entirely of the interest on the loan. When the mortgage term is complete, the capital originally borrowed is still outstanding. How Not To Be Ripped Off By Mortgage Brokers One of the things that bothers me about the mortgage industry is the number of unscrupulous brokers that operate in this market. Talk about giving the industry a bad name! I worked for a mortgage lender until quite recently and I used to be shocked at the fees that brokers charged their clients. Mortgage Refinancing - Does Size Matter After All? Hopefully your ego has never had to experience the words, "It's okay honey. Size doesn't matter. Mortgage Soup Looking for home mortgage loans can get confusing with the alphabet soup of mortgage loans programs available today. Most of these programs are just variations of fixed rate and adjustable rate mortgage loans.

HOME | SITE MAP © 2012 - 2025 All Rights Reserved Increase pagerank with HitsSurfer