Bad Credit Second Mortgage Loans
BD Nationwide offers sub-prime 2nd mortgages and fixed rate home equity loans for refinancing adjustable rate credit lines and revolving credit cards. We provide non-prime lending options for low fico borrowers who need debt consolidation. Our bad credit second mortgage guidelines are looser than other lenders. We approve bad credit mortgage refinancing with 500 fico score minimums on 1st liens and 550 for 2nd liens.
Second Mortgage for People with Perfect Credit: We extend 2nd chance financing to consumers who have had late payments, foreclosures, charge-offs and bankruptcies. Are you searching for fixed rate payment relief for your credit card debt? We offer bad credit second mortgages that enable borrowers to reduce their housing expenses while lowering the debt to income ratio and increasing their cash flow.
--- Past Bankruptcy OK
--- Refinance Revolving Debt
--- Medical Collections OK
--- Charge-Offs Allowed
Consider for a Second Mortgage Regardless of Your Credit Scores
Second Mortgage Loans for Rebuilding Credit
Did you know that consolidating your revolving credit card debt can increase your credit scores so that you qualify for prime interest rates?
100% Second Mortgage - Borrow and cash out up to 100%.
No Doc Second Mortgage - Take advantage of no income documentation with streamlined loan processing.
Does Sub-Prime Mortgage Lending need Government Reform?
Default rates are at their highest since 2002 and early 2003. Industry experts and officials believe the current rise in default rates is a result of looser lending practices by mortgage companies in the last few years and the end of the housing boom last year. According to Bankrate.com, as house prices stagnated or fell in 2006 and fewer people applied for mortgages, sub-prime and Alt-A lenders became more reckless in their lending decisions. Default rates among sub-prime borrowers recently reached 12.6 percent.
As a result of the rising defaults and the rise in forced buybacks of non-performing mortgages, troubled sub-prime lenders like New Century, Ameriquest and Fremont are faced with having to cut costs by laying off more workers and having to figure out ways to raise capital in order to stay in business. Dozens of small companies that specialized in sub-prime lending have gone out of business because of rising default rates, and shares of big companies in the mortgage industry have declined significantly.
Regulators responded to the mortgage market troubles by asking lenders to tighten their policies on lending to those with questionable credit. An increasing number of lenders now require higher FICO scores for sub-prime loans, and they are tightening up on other underwriting requirements.
Rather than blaming the sub-prime market entirely, some economists put part of the blame on the Federal Reserve. "Was it necessary to cut the fed funds rate to (see lender), supercharging the housing recovery?" said John Lonski of Moody's Investors Service.
Others feel the problem lies with the recent reset of adjustable rate mortgage (ARM) rates. "Mortgage credit-quality problems go well beyond the subprime sector," wrote Jan Hatzius, chief U.S. economist at Goldman Sachs in New York, in a research note. "The underlying problem is not the subprime market per se, but the reset of large quantities of adjustable-rate debt -- some of which is classified as subprime some as prime -- to higher interest rates in an environment of flat or falling house prices in most of the United States." Now, home value depreciation has begun to hinder borrowers ability to refinance because no equity usually means no loan for people with bad credit due to loan standards now getting stricter.
So what's the answer?
Most economic forecasters in a new Wall Street Journal (WSJ.com) survey believe recent turmoil in the subprime mortgage market is likely to spread to the broader mortgage market and they expect a widely followed index of home prices to fall this year. But they still think the U.S. will avoid a recession and even a significant rise in unemployment. So, Congress should not implement change. Instead, it would be better for the market to correct itself than have the government reform an industry. In times like these people need easier lending not regulation by the government. Continued eased guidelines would enable borrowers to refinance their adjustable rate mortgages which would reduce their mortgage payment and decrease the foreclosure ratios.
Second Mortgage up to 100%: Fixed rates and fixed monthly payments.
Includes additional options for lower monthly payments or lower interest rates, and potential tax savings. This fixed rate second mortgage allows customers to know what the payment will be for the entire life of the mortgage.
--- Bad Credit Mortgage Loans up to $500,000
Home Equity Line of Credit: Adjustable rates and the flexibility to use and reuse the line of credit for the 1st 10 years of the loan. Interest Only monthly payment options offer lower payments.
Home Equity Mortgages for People with Low Fico Scores
- Bad Credit OK
- Past Bankruptcy OK
- Mortgage Lates OK
- Late Credit Card Payments OK
- Collections Ok
Which 2nd mortgage is the best for you?
One important determining question to ask is...What is the purpose of the loan?
BD Nationwide Mortgage offers credit lines and second mortgages for people with bad credit scores. Our lenders will help you get the loan that makes financial sense with your short & long term goals.
Please complete this quick form online and we will begin the process of securing you the best second mortgage. When used for debt consolidation, you may be able to reduce your monthly payments.
ARM vs. Fixed Rate Calculator
How does a fixed rate 1st or 2nd mortgage compare to an adjustable rate mortgage or home equity line of credit?
Obama signed off on the revamped Home Affordable Refinance Program in March. The goal is for this government refinancing plan to make it more accessible for homeowners to qualify for refinancing at a reduce mortgage rate. To qualify, the HARP must be owned or guaranteed by Fannie Mae or Freddie Mac and sold to those two entities on or before May 31, 2009. Get more info on the Home Affordable Refinance Program
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