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Here are the best resources for
ahomeloancom refinancing and home improvement loans
Refinance With Bad Credit
If you have bad credit and believe you are out of luck when it comes to refinancing or purchasing a new home, you may want to reconsider your options.
Just because you have bad credit, it does not mean you will be unable to get a loan, nor does it mean that you are at the mercy of the mortgage companies. You are not.
The mortgage industry is a very diverse one with literally thousands of lenders across the country that just might offer a program that fits your needs.
These lenders that offer programs to consumers with poor credit are known as wholesale lenders.
Wholesale lenders work directly with mortgage brokers, whose job it is to assist you in finding a mortgage lender regardless of your credit score.
It is also the responsibility of the mortgage broker to counsel and educate you through the entire mortgage process.
If you decide that you do not want to do the shopping around yourself, than you should seriously consider finding a mortgage broker to help you. They have relationships with hundreds of wholesale lenders, and they will work to find a program that fits your needs.
Keep in mind, brokers are paid on commission, so it is just as important to them as it is to you to get to the closing table.
A good place to start for tracking down a mortgage broker is the internet. Contact a few brokers, allow for them to assess your situation, than work with the one that best fits your needs and budget. Best of luck.
About the author:
Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.
More Useful Resource and Updates on ahomeloancom refinancing and home improvement loans
- U.S. MBA's Mortgage Applications Index Rose 2.2% Last Week (Bloomberg)
Oct. 8 (Bloomberg) -- Mortgage applications in the U.S. rose last week as lower interest rates lifted purchases from a six-year low. The Mortgage Bankers Association's index of applications to purchase a home or refinance a loan increased 2.2 percent to 465.5 from 455.4 the prior week.
- Lower Mortgage Rates May Be Silver Lining in Turmoil (Update2) (Bloomberg)
Oct. 8 (Bloomberg) -- There are few silver linings for consumers who have seen the Standard & Poor's 500 Index drop more than 30 percent this year. Lower mortgage rates may be one of them.
- McCain mortgage plan shifts costs to taxpayers (CNN Money)
Under a mortgage rescue plan announced at the debate Tuesday night by Senator John McCain, much of the burden of paying to keep troubled borrowers in their homes will shift to taxpayers.
- IndyMac's Fast-Track Mortgage Modification Program (BusinessWeek Online via Yahoo! News)
When Mark Akers got an offer from his mortgage lender in September to slash his monthly payments down to $2,500, from $4,200, he jumped at the chance. The Norco (Calif.) resident ran into trouble earlier this year after his wife got sick and he lost his job managing a factory that made doors for houses. The 53-year-old Akers could have become another foreclosure statistic if his bank, IndyMac, ...
- Bankrate: Mortgage Rates Remain Volatile (PR Newswire via Yahoo! Finance)
Mortgage rates fell this week, with the average 30-year fixed mortgage rate dropping to 6.2 percent. According to Bankrate.com's weekly national survey, the average 30-year fixed mortgage has an average of 0.4 discount and origination points.
- McCain's mortgage buyout proposal draws fire (McClatchy Newspapers via Yahoo! News)
BETHLEHEM, Pa. ? Seeking to regain ground he's lost in the polls during the economic crisis, Republican John McCain returned to the campaign trail Wednesday trumpeting a mortgage bailout plan he unveiled in Tuesday night's presidential debate.
- Credit's Tight, but Time's Right for Refinancing (WGHP Greensboro)
HIGH POINT, N.C. (WGHP) -- Turmoil in the financial industry and the tightening of credit has made qualifying for a loan more difficult than it was just a couple of months ago. But for those with good credit and plenty of cash, the Federal Reserve's decision Wednesday to cut a key interest rate is good news for people with home equity loans or homeowners interested in refinancing.
- Reasses mortgage payments (The Scranton Times-Tribune)
Re-evaluate your mortgage payments. Call your loan company to inquire about the terms of refinancing, which can cut your monthly bill by hundreds of dollars. Reducing the length of your loan, such as from 30 to 15 years, can also reduce your monthly payments because the interest accumulated over the life of the loan drops substantially.
- McCain pushes mortgage bailout plan (Lexington Herald-Leader)
BETHLEHEM, Pa. . Seeking to regain ground he's lost in the polls during the economic crisis, Republican John McCain returned to the campaign trail Wednesday trumpeting a mortgage bailout plan he unveiled in Tuesday night's presidential debate. "We must go to the heart of the problem, and right now that problem is the housing crisis," McCain told a rally in a packed basketball arena at ...
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