To better understand
loans in general and determine which type of home mortgage
is right for you, fill out our no-hassle, no-obligation
application to receive free quotes from our lending partners.
The online application process is quick and convenient. It
is also secure, thanks to modern encryption methods. Your
personal information is completely safe and will not be shared
or sold. It will only be used to give you a competitive quote
on mortgages.
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What
are the different types of mortgages?
Bad credit will not disqualify you from any
of the three types of home mortgages:
- Fixed rate mortgages - A loan
with a fixed rate that involves a second lien on your
house.
- Adjustable rate mortgages - The interest
varies according to the index upon which it is
based.
- Combination rate mortgages - Starts with
fixed payments, followed by an adjustable interest
rate phase.
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Which
is the best loan for my situation?
Fixed rate loan:
A good
choice when you have big-ticket items to pay for like
major home improvements or debt consolidation. A term
loan that involves a second lien on your
house.
Adjustable rate
loan:
A good option if you're planning to
stay in your house for less than five years. A term loan
that involves a second lien on your
house.
Combination rate
loan:
A good choice if you want to start
your mortgage with lower, fixed monthly payments — for up
to three years. Sometimes, a combination rate loan will
allow you to borrow more. |
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How
do I get a new loan if I have a bad credit
history?
Do you have money
problems? Have you filed for bankruptcy? Made poor
financial decisions that have resulted in a low FICO
score? One way to repair your credit is to put the
equity in your house to work for you. |
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What
are subprime loans and who needs them?
Many banks and other financial institutions
offer what are known as "subprime loans." These make it
possible for people with bad credit to get mortgages or
car loans. Here are a few things to know about three
types of subprime loans:
- Mortgage refinancing ...
- Second mortgages ...
- Debt consolidation loans ...
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How
widespread is subprime financing?
Poor credit is a problem that plagues about
30 million Americans. For many of us, subprime financing
is our best chance for getting a mortgage, a debt
consolidation loan or an auto loan. We can still get
competitive interest rates even if we have a low FICO
score.
Home equity loans vs. lines of
credit
Home equity loans come in two types:
fixed-amount loans, which work like second mortgages,
and lines of credit, which work like credit cards. ...
Debt consolidation
loans
Debt consolidation is a great way to
get rid of high-interest bills or to meet large expenses
such as college tuition or taking that dream vacation.
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