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  • Fixed Rates
  • Interest Only
  • 100% Financing
  • Stated Income
  • No Doc Loans
  • And More...
 
Homeownership or Refinancing Can Be Available Even With Bad Credit

While having less than perfect credit will not make the best interest rates available to you, homeownership or refinancing may still be possible. If you have bad credit you may qualify for an interest-only loan -- possibly offering a lower monthly mortgage payment than a fully-amortized monthly mortgage payment.

Interest-only loans can be risky if you don't make a plan for repaying them. However if you take an interest-only loan and have bad credit the pros may outweigh the cons.

Pros of bad credit interest-only loans:
  • Free up cash flow to pay down credit card debt, medical bills, and other outstanding monetary obligations
  • Available on both fixed rate- and adjustable rate mortgages
  • Short-term lower monthly payments
Cons of bad credit interest-only loans:
  • Possible payment shock once your introductory period expires
  • Possible negative equity if your home value declines while your principal balance remains unchanged.
  • Little or no principal mortgage balance reduction
Even with bad credit, you may qualify for an interest-only loan. However there are some things you can do for your credit to ensure you get a better deal.

4 ways to improve your bad credit:
  • Pay down your balances -- this makes up 30% of your credit rating.
  • Pay on time -- this makes up 30% of your credit rating.
  • Resist new credit -- when you are in the market for a home loan, taking out new credit is a big no-no.
  • Fix errors -- check your credit report for any errors. If you find any errors, contact the credit bureaus for instructions on contesting errors.
Refinance a Loan

Lower Payments or Convert to a Fixed Rate.  These are just two of the reasons many consumers are refinancing.  Contact a lender  and learn more about your home loan options.

 
Find Refinance Rates
 
Purchase a Home

You've found a home so now it's time to... start the process and find local lenders who can help guide you though the process of obtaining a new home loan.

 
Find Home Purchase Lenders
 
Home Equity Loans
Consolidate Debt, build a second story or even take a dream vacation.  Learn how to access your home equity in the case of an emergency or major life expense - Speak with a mortgage lender and understand your home equity options today!
 
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