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How to Invest in the Secondary Mortgage Business
About Mortgage Benefits for Unemployed Borrowers
Can a Bad Credit Mortgage Be Used to Consolidate Debts?
About APR Mortgage Insurance
Types of Mortgage Insurance
What Happens if You Default on a Second Mortgage?
How Much Equity Do You Need to Get a Second Mortgage?
What Protection Do You Lose With a Second Mortgage?
How to Choose a Lender to Refinance a Mortgage
How Do Mortgage Companies Make a Profit?
Who Regulates Mortgage Companies?
The subprime meltdown, also called the "mortgage crisis" refers to a declining economic situatio… More
Ready to refinance out of your subprime mortgage and into a conventional mortgage? Learn the steps you nee… More
When times are tough, and credit scores are low, a bad credit loan can seem like an ideal opportunity. Alt… More
Alt-A loans, or Alternative-A loans, are mortgages that have a risk profile greater than prime mortgages (… More
Lenders are apprehensive about giving a loan to applicants with bad credit because these applicants pose a… More
In spring, 2008, the Bush Administration directed the Federal Reserve to underwrite $30 billion dollars of… More
Sub-prime lenders always charge a premium when they provide financing for people with less than perfect cr… More
Home foreclosures are a result of the sub-prime mortgage crisis, and it's important that a monthly payment… More
Adjustable interest rates often evoke a negative response from borrowers. However, they are neither good n… More
An Adjustable Rate Mortgage (ARM) offers the borrower a chance to pay a lower interest rate during the ini… More
Homeownership is an American dream. But unfortunately, some people don't have the opportunity to achieve t… More
If someone has a low credit bureau score, they are more than likely going to get a government back loan. F… More
If you have bad credit, don't despair--you can still own a home. There are a variety of ways to get a mort… More
In order to boost a credit score, make payments on time, leave old credit open and have a good mix of cred… More
Summary: If someone has a low credit bureau score, they are more than likely going to get a government back loan. Find out how different factors at lower credit scores can get someone to refinance with help from a financial specialist in this free video on mortgage assistance and personal finance.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi this is Matt McKillen with Innovative Financial Group, the question posed to me today is can a bad credit loan help consolidate dates from a borrower. Well traditionally the products that are available in the market place today versus a few years ago with the sub-prime loans, generally if you have lower credit bureau scores you're more than likely going to go with a government back loan, a federal housing authority loan. These loans have very attractive rates that do work with people with less than perfect credit. As long they are good job stability, maybe some alternate forms of credit that can be verified, maybe paying a car insurance or letters from your utilities. So all of these different factors at the lower credit scores can get someone into a mortgage or a refinance. Now typically FHA will allow you up to ninety percent of your appraised value on your home to consolidate debts or do home improvements. So for example, if you have ten thousand dollars in credit cards, and your minimum payments on those may be four to five hundred dollars a month, you can refinance your mortgage through FHA even with less than perfect credit, and actual pay off all of those debts. A lot of my clients have found that they save maybe two or three hundred dollars a month in payments after they consolidated the credit cards. So again if you do have less than perfect credit there still are mortgage products available out there to help you consolidate your debts. My name is Matthew McKillen with Innovative Financial Group."
eHow Article: Can a Bad Credit Mortgage Be Used to Consolidate Debts?
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