With flexible payments and terms, todays mortgage lenders offer a wide variety of loan products. Who benefits? Frequently, its borrowers with less-than-perfect credit.
Lets say you want to refinance your mortgage or apply for a new home equity loan, but are concerned about your spotty credit history. The solution could be a so-called bad credit home loan. These mortgage loans are specifically designed to assist borrowers consolidate debt quickly while keeping their monthly payments affordable. Best of all, you dont have to have a spotless credit record to qualify.
How does bad credit affect your mortgage?
Your credit score plays a key role in many aspects of your life, including the process of applying for a loan. Lenders scrutinize your payment history on all previous loans, bankruptcy filings, and other financial factors when deciding whether or not to approve your application. If the lender isnt happy with your credit history, you could be required to make a larger down payment or accept a higher interest rate.
Fortunately, bad credit home loans are geared to borrowers with less-than-perfect credit. You can choose cash-out refinancing, which allows...
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