Home

mortgage Directory


More
mortgage Articles

WRITERS WANTED! (click-me)

Feature Article:

97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month.
97% Of American Homeowners Overpay Their Lender In Mortgage Interest Every Month. If you own a home, have just re-financed or are shopping for a mortgage, you’ll be outraged. Housing: Americans across the country were shocked to hear of a new poll...
...Read More

www.bigmailnow.com


 

A Guide to Getting a Bad Credit Remortgage

www.bigmailnow.com       Navigation

There are several reasons why you might be in the market for a bad credit remortgage. You might be wanting to try to lock in a lower interest rate, or perhaps you simply need to use the bad credit remortgage as a way to consolidate some of your debts.

Regardless of your reasoning, securing a bad credit remortgage can sometimes seem like a daunting task… in the end, though, it's usually much easier than you might think.

Defining bad credit

If you're looking for a bad credit remortgage, then you already know (or at least have a suspicion) that your credit is less than perfect.

If you're like a lot of people, though, you might not be exactly sure what this means or how credit is determined.

Your credit rating is a numerical score that's given to you based upon reports from your previous creditors, who are the people who have issued you a credit line or a loan in the past.

If you've made your payments on time, then they send in a positive report and your credit rating goes up.

If you've missed payments or defaulted on your debts (meaning that you didn't pay them back), then they issue a negative report and your credit rating goes down.

The lower your credit rating score is, the more of a risk it's considered to lend you money… after all, if you've had problems repaying your debts in the past then it's reasonable for lenders to thing that there's at least a decent chance that you'll have those same problems in the future.

This makes it much harder to get loans and credit offers, and the ones that you do get usually have much higher interest rates and require some form of security deposit or collateral.

The bad credit remortgage

A mortgage is a special type of loan, used to purchase a home or other real estate and using that same property as collateral for the loan.

The mortgage lender has a legal claim to the property, so if you fail to repay your loan then they can repossess and sell the house or real estate.

A bad credit remortgage is a mortgage loan designed for people with lower credit scores, and is issued on property that you already own (and may or may not still have a mortgage on.) Since the house or real estate serves as collateral, you're more likely to be approved for a bad credit remortgage than some other loans… meaning that the bad credit remortgage can be used in the place of the loans that you weren't approved for.

It can also be used to restructure payments on your previous mortgage (since the new loan pays off the old one, and is for a lower total amount) and reduce monthly payments, usually with a slightly lower interest rate.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About the Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.

www.bigmailnow.com

More Reading:


Three Ways to Increase Mortgage Applications

How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage

What Is An Interest Only Mortgage And Should I Get One

 
What You Need To Know About Mortgages

Mortgage Amortization

Refinancing Second Mortgage

mortgage Home

mortgage Directory

Additional Reading


Three Ways to Increase Mortgage Applications
If you are in the mortgage business, the very first thing you need before you can get anywhere, is an application. I spent years working in the mortgage industry, and my goal was to close one loan per week. Monday through Friday I would find...
...Read More

How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage
When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line. Let’s start on a positive note, you could do what most borrowers do and opt for the reverse mortgage line of credit....
...Read More

What Is An Interest Only Mortgage, And Should I Get One?
There is a non-traditional type of home mortgage loan being marketed to consumers known as an interest only home mortgage loan. Sometimes called a balloon mortgage, an interest only mortgage is exactly what the name implies. For the term of the...
...Read More



 

 

Internet Search for: mortgage, credit, remortgage

[an error occurred while processing this directive]


 

 

Copyright    www.bigmailnow.com