Mortgage with Bad Credit

Refinance 2nd Loans with Low Credit Scores

Do you need a second chance loan? According to Nationwide originators, bad credit second mortgage and refinance loans are in demand more than ever for borrowers with credit problems who seek money with a lower interest rate that is available by redoing your existing lien. Some borrowers prefer consolidating debt without refinancing their 1st mortgage and in these instances a 2nd mortgage is recommended. It is important to know that lenders and underwriters revise their guidelines all the time. Sometimes the lenders ease the credit requirements on mortgages and sometimes they tighten them. This year the trend has been leaning towards easing the guidelines for a 1st or 2nd mortgage with bad credit.

What Is Needed to Get Approved on a Fixed Rate Mortgage for Bad Credit?

Mortgages for bad credit are needed because of the credit crisis that cut off millions of Americans from using their credit cards and credit lines to pay their bills and home loans when their cash flows diminished. Today most borrowers are seeking government financing programs like VA or FHA for bad credit loans. With property values on the rise nationally, we anticipate new 2nd mortgage programs to become available soon with more aggressive guidelines for cash back and bad credit.

Mortgage with Bad Credit
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Mortgages for bad credit are needed because of the credit crisis that cut off millions of Americans from using their credit cards and credit lines to pay their bills and home loans when their cash flows diminished. Today most borrowers are seeking government financing programs like VA or FHA for bad credit loans. With property values on the rise nationally, we anticipate new 2nd mortgage programs to become available soon with more aggressive guidelines for cash back and bad credit.

B.D. Nationwide was founded in California in an effort to help borrowers find bad credit 2nd mortgage loans. Today they help connect distressed homeowners with lenders that consider bad credit with mortgage loans. The HARP 2.0, FHA loan programs and equity lines of credit for homeowners with good and bad credit scores. Consider refinancing your mortgage if you have low fico-credit scores, but need to access cash or consolidate credit card debt, but do not want to refinance you existing first mortgage. Maybe you had a bankruptcy in the past, or a few late credit card payments that lowered your credit scores.

Fixed 2nd Mortgage Loans to Refinance Debt & Poor Credit Mortgages

Choosing a Mortgage for Bad Credit - Regardless of your bad credit history, we can help you get approved for a second mortgage or FHA refinance loan that reduces your credit obligations lowers your monthly payments and saves you money. Take advantage of our expanded sub-prime loan programs and apply for a bad credit second mortgage today.

How low of a fico score is allowed for a second mortgage if I have bad credit? 2nd Mortgage

If you have bad credit scores other factors like combined loan to value and "debt to income" ratios will become more important than ever when qualifying for a second mortgage. Most underwriters are looking for compensating factors when it comes to making an exception for a borrower with low credit scores. Your credit score can be as low as 550 if you are below 80% combine loan to value and you are able to provide full income documentation as well. Bad credit 2nd mortgage loans are still available to borrowers that can show the underwriters strong compensating factors.


Subprime Second Mortgages

Stated Income Loans (On Hold)

Low Fico Scores OK

Fixed Rate Second Mortgage

Mortgages with Bad Credit OK

Refinance your Credit Cards & Save!

2nd Mortgage Bad Credit Approved

No Mortgage Insurance Required!

Past Bankruptcy Allowed

Poor Credit Mortgages to Pay-Off Debt
No Credit Scores on Hard Money Loans

Learn More About Today's Second Mortgages

Most Americans are tired of having loan application be rejected because of past credit problems. At Nationwide, we understand that past financial difficulties shouldn't stop you from reaching your present financial goals. Regardless of your credit history, we can help you find the right second mortgage for your lending needs. If you are a few months behind on your home loan payments and do not have more than 20% equity in your home, consider a mortgage loan modification or forbearance, because refinancing and home equity lines will not be viable options for you in today's distressed financial market. Loan modifications have helped millions of homeowners stay in their home because the lenders agree to accept a reduced payment due to your financial hardship. We offer great pricing on 1st and 2nd mortgage rates. Get a quick quote today with no obligation.

Which second mortgage is the best for you?
One key factor in determining what type of second mortgage to apply for is to ask yourself this question: What is the purpose of the loan? Nationwide offers both fixed and variable rate second mortgages, and our experienced team of loan officers will get you approved for the best loan available.

Sub-Prime Second Mortgage:
These second chance loans are helping borrowers reduce their expenses monthly by allowing debts to be consolidated into a lower interest rate on 2nd mortgage for bad credit.
---Low Credit Scores OK
---Chapter 7, 11 and 13 Bankruptcy OK (talk to loan officers about minimum requirements for number of years out of bankruptcy and standards for reestablishing credit after the bankruptcy was discharged.)
---Unique Loans from Bad Credit Mortgage Lenders

Second Mortgage 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. --- Loans up to $500,000. Ask your representative about the 100% mortgage. If you have poor credit scores, you may need to ask about the 90% loan, because underwriters are more likely to approve an equity loan for a borrower with 10% equity in their property. (Talk to lenders about credit score requirements as most 100% mortgages have been placed on hold or reported revisions to the guidelines.)

Home Equity Line of Credit:
Adjustable rates with flexibility that comes with revolving credit. These popular home equity tools are allowed to be uses and reuses for the 1st ten years of the loan. The minimum payments due each month are only required to be the interest of the portion of the line that was accessed. Are You Looking for a Flexible Equity Line of Credit?

Linda's Tip for evaluating credit scores before getting a second mortgage
Ask Linda?

I had a client ask me why their credit score dropped so much in just a day.  They had gone to a company that provided their combined credit scores.  "This can pose a problem, because 95% of mortgage lending guidelines evaluate the middle score of the three bureaus." They sound similar, but often time people will have one really high score that could create the perception of a higher credit score because the average is distorted.  "The moral of the story is that if you get your credit report prior to applying for a loan, and then get a 'Tri-Merge' credit report."

Strong commitment to customer service.
Many homeowners are finding comfort with the fixed rate second mortgages that usually have lower rates than the adjustable rates that Prime is set at. Bottom line, at this moment the rates are lower on the fixed rate second mortgage loans than they are for the home equity lines. So the time couldn't be better to lock into a low rate 2nd mortgage and get a fixed rate that allows you to become debt free quicker. Fixed rate second mortgages allow you to budget easier because your payment is the same every month. Compare the payment of home refinancing with the total payments of your first and second loan.

4 Reasons to Consolidate Your Credit Card Debt into a Second Mortgage

1. Credit Cards Rates are Higher than 2nd Mortgage Rates-
Credit Card interest Costing You Money Every Month

The primary reason why most homeowners consider paying off credit card debt by consolidating all of their outstanding credit debt into a second mortgage is because the interest rates on their existing credit card are simply too high. Stop throwing money away every month and take advantage of lower payment second mortgages.

2. No Annual Fees with Fixed Rate Second Mortgages-

A common trend for bank's issuing credit cards and home equity lines of credit lately has been to charge borrowers an annual fee for using the credit card or line of credit. In some cases these annual fee can be costly.

3. Change Your Low Credit Scores into High Credit Scores-

Many homeowners have circumstances arise that cause their credit scores to suffer. If you own a home and have some equity in your home, chances are you can save a pretty penny, by getting a second mortgage to wipe your debt clean. Even if your existing credit card that have late payments, it's most likely still going to benefit you to consolidate your debt with a 2nd mortgage. Recently the underwriting guidelines for second mortgage programs have become more lenient than ever before.

If you have had a past bankruptcy, foreclosure, repossession, or have been late on your mortgage payments, you still may qualify for a fixed rate second mortgage. If your consumer debt is starting to concern you, and you are having trouble sleeping, it's time to consider your second mortgage options. If you are no longer able to make the monthly minimum payments in a timely manner, it's time to consider your options for a second mortgage that can lower your payments significantly and help your credit score increase. Making your second mortgage payment on time every month will help your credit scores go up because the timely mortgage payments weigh heavy with fico scores.

4. Second Mortgage Loans Have Interest that is Tax Deductible-
Credit Card Interest is not.

Like your first mortgage loan, second mortgages up to your home's value are tax deductible in most cases. Many first time homebuyers run up their credit cards after buying their 1st home, because they need furniture, and sometimes need to make some immediate home improvements. If you have some credit card debt and you pay taxes out of each paycheck, like most Americans, it might be time to consolidate your credit cards and find some additional cash come back to you when you do your taxes. The fact is that in most cases, interest is deductible on mortgages whether the borrower has high or low credit scores. Homeowners are eligible for tax deductions on the interest they pay whether it is a subprime, FHA or "A-paper" home loan.


Both Sides of Interest-Only Loans

According to John Gin, Interest-only loans are gaining in popularity but aren't the right loan for all borrowers. "Potential buyers should closely evaluate the pros and cons of this sort of financing before choosing this route." Keep in mind, in most cases; mortgages for bad credit do not permit interest only options. Typically lenders that offer credit lines and interest only mortgages are looking for borrowers that have stable income and high credit scores.

Pros: Payments are significantly reduced because buyers pay only the interest. Principal of the loan is not required to be paid down during the draw period. Increased cash flow could be invested and savvy investors may be able to earn more than the interest rate on the mortgage. This loan is also popular with people anticipating and increase in income. These loans allow them to earn equity on their home until their increased income allows them to begin repaying the principal of the loan.

Cons: When an interest-only loan converts to a variable interest rate, the payment will rise up dramatically. Gin reminds us, "Failing to build equity can be a problem in a declining market."


BD Nationwide Mortgage Loan Spotlight

Sub-Prime Second Mortgage
Many homeowners run into some snags when making their monthly payments. Some of our lenders offer non-conforming and poor credit mortgage loans to help people with low fico scores rebuild their credit and save money by consolidating their adjustable interest debts. Ask a representative about the availability for subprime 2nd mortgages.

Also ask your loan officer for more information on new loan products that may have just been released. The standards and guidelines on bad credit home mortgages change frequently, so it is recommended to know your eligibility before make plans with the funds from the loan.

Consumer Credit Bureaus

  • Learn more about your credit history and how it may affect your ability to finance
  • Visit the credit bureaus Equifax.com Experian.com and Transunion.com

How to Make Bad Credit Scores a Part of the Past

If you have had past credit problems, we suggest disclosing them with the loan officer. Loan professionals understand the credit obstacles in life and quite often they can help you find the right loan program that may help you prevent future credit pitfalls. Always provide the loan officer with documentation you have to prove the credit discrepancy that is hindering your credit score.

Late payments will adversely affect your credit rating. Another critical factor is maintaining a limited balance on revolving accounts like credit cards. It is also better to pay off debt rather than shifting your balances from credit card to credit card. The experts suggest not closing unused cards, because if your debt isn't reduced, less accounts open can also reduce your credit score.

Fortunately there have been recent changes reduce the negative association from rate shopping for mortgage consumers. Consumer generated inquiries within the past 365 days from mortgage loan or auto finance related industries are ignored for credit scoring purposes for the 1st 30 calendar days. After that multiple inquiries within the next 2 weeks are only counted as one. All inquiries still appear on the credit report, but the impact for inquiries has changed significantly.

How to order a Free Credit Report
There are 3 consumer reporting credit companies recognized nationally. They are now all using the same website for people to order free annual report. Go to annualcreditreport.com or you can call 1-877-322-8228.

 

Resource Tools

Loan Comparison Calculator
This calculator will help you to compare the total interest charges on several types of 1st and 2nd mortgage loan programs.

Refinancing Calculator
Analyze the benefits of refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs.

BD Nationwide will help you find a bad credit mortgage lender that offers the types of loans that make sense for you financially.


Free Finance Guides & Helpful Consumer Reports

Take advantage of our lending guides and disclosures that help homeowners with all types of credit.

Equity Credit Line Fed Tips
Understanding Credit Scores
ARM Rate Mortgage- Guide



Bad Credit Lenders
Are Standing by

Read Industry News and
Helpful Financing Articles and get emailed when second mortgage rates rise or fall. 


Sub-Prime Loan Advice

Non-Prime Home Loans – If you can’t qualify for a 2nd loan with a prime interest rate, consider the non-prime option.


Home Equity Loan with a Fixed Rate – There is no equity loan more stable in a good or bad economy than this choice.

Lenders for Bad Credit
Solid Advice from the Second Mortgage loan Specialists

Cash Refinancing – If you need money and you don’t want a 2nd lien, consider refinancing your 1st lien.

Home Loan Refinance – With interest rates continuing to break records, it makes a lot of financial sense to refinance all loans that have interest rates over 4.5%.

Self-Employed Mortgage Refinance Loans - Many consumers have difficulty documenting their income. Consider new remedies for refinancing with limited documentation.

Credit Card Debt Consolidation
Hard Money Loans

Mortgage Bad Credit
Reduce Interest and Lower Rates


Related Second Mortgage Pages:
Refinancing Second Mortgage | 95% 2nd Mortgage | 100% Mortgage | 125% Mortgage | Debt Consolidation | Second Chance Mortgage

Mortgage Pages with Bad Credit Options:
Bad Credit Mortgage | Bad Credit Refinance | Home Loan for Bad Credit | Home Refinancing with Bad Credit | Mortgage Refinance for Bad Credit | Poor Credit Home Loans | Bad Credit Home Equity Loans | Home Equity Line with Bad Credit | Refinance with No Documentation | Low Credit Score Home Loan | FHA Mortgage for Bad Credit History Loans | Home Purchase Loan with No Credit

Additional Refinancing Pages:
FHA Refinancing | FHA Streamline Refinance | 100% Refinance | 97% FHA Refinance Loans | FHA Refinance | Subprime Loans | Harp Refinance

Apply Now | Disclaimers and Terms | 2nd Mortgage Rates | About Nationwide
BD Nationwide Mortgage, 515 Encinitas Blvd. Ste 100, Encinitas, California 92024
Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site and no loans can be guaranteed as loans and rates are subject to change. A "bad credit mortgage" is possible if the borrower meets the requirements from participating lenders. For some programs a LTV and a minimum score will be issued. See bad credit mortgage lenders for specific guidelines. Nationwide was affiliated with a federally chartered bank located in Maryland licensed to offer home loans in all 50 states. Copyright © 2001-2013, BDnationwidemortgage.com. All rights reserved. Do not duplicate in any form. Program eligibility and debt to income requirements are subject to change on a second mortgage for bad credit.