The following will help you get the best possible rate for your bad credit second mortgage loan and provide tips on how you can work towards raising your FICO scores, so you can get better rates later on.
But, if you've had a past bankruptcy or otherwise have bad credit, you may wonder if you can even secure a second mortgage with a fixed mortgage rate that could help control the compounding interest of credit card debt.
Yes, you can get a home equity loan with a previous bankruptcy and bad credit, but you'll be paying a higher interest rate than someone with good credit.
So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping.
In addition, the score looks on your credit report for auto or mortgage inquiries older than 30 days.
This allows for a longer term minimum payment of 20 or 30 years with a balloon payment due in 10 or 15 years.
There by keeping the payment fully amortized and lower for the longer term. This is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index.
You'll also be able to determine what you need to work on to raise your FICO scores.
The pie chart to the left shows the weighting of factors in a FICO score, according to Fair Isaac, the organization that created the FICO credit scoring system.
It could even help raise your FICO scores, and the rates will definitely be less than that of credit card debts.
Plus, you could enjoy a 100% tax deduction on the interest you pay on your loan.
This will save you the time of specifying your location each time you access our site.