This website is owned and operated by Saggitta Web Design Ltd The need to protect your mortgage with mortgage insurance Using mortgage advice to make things easier Is it possible to get a bad credit remortgage ? |
- Home Mortgage Loans
- More people are paying off their mortgages early. How do they do it? This article explains some ways.
- How to Tell if a Variable Rate Mortgage is for You
- The choice between variable and fixed rate mortgages is important. Yet the decision is difficult since it depends on the future direction of interest rates.
- How to Tell if a Variable Rate Mortgage is for You
- The choice between variable and fixed rate mortgages is important. Yet the decision is difficult since it depends on the future direction of interest rates.
- Refinance home distilling cash by renewing home loan
- Every year many people refinance their mortgage. Why and what to look out for.
- Mortgages. Higher Lending Charges are outrageous.
- Higher Lending Charges are often charged if your mortgage is 90% or more of your property's value. We think the charge is a form of profiteering by the lenders and should be abolished. This article explains why.
Is it possible to get a bad credit remortgage ?
So many of us feel that having bad credit will make a re-mortgage impossible or very close to impossible to say the least. With so many of the traditional lending institutions not even wanting to speak to us, slamming the proverbial door in our faces before we can ( life insurance quotes ) open our mouth to speak our case, very few options seem to be left. But there is hope- and yes, a bad credit re-mortgage is 100% possible! You just need to look beyond the banks, a ways past the non-traditional lenders.
Believe me, potential creditors don't care why your credit is poor, just that it is - so you don't feel the need to explain. Some of us have gone through the unpleasantness of a divorce, creating a drop in finances and related credit score. Others lost their employment (life assurance) and have fallen behind on their bills. Still others had to file bankruptcy for one reason or another. Whatever your situation, you just need to find a quality, sub-prime mortgage lender!
Sub-prime mortgage lenders specialize in people like us, both for refinancing a current mortgage (also known as a re-mortgage) or buying a new home. Of course, there are a few things you should be aware of before you take advantage of one of these loans.
First, you should know that the lower your credit score, the more your re-mortgage is going to cost. The current industry average (sub-prime/bad credit re-mortgage industry) is 4%, but can go as high at 7%. This means that you, as a bad credit home loan borrower, are typically charged an average of 4% more than a borrower with good credit that's getting into the same general loan program. This percentage can be in charged in a bunch of different ways, including interest, points, and a wide variety of "bad credit" fees.