Bad Credit? With Poor Credit You Can Still Refinance Or Get A Home Equity Line Of Credit

Have you decided to refinance your home or apply for a home equity line of credit but worry about your credit rating? Even with poor credit it is possible to refinance your existing mortgage or obtain a home equity line of credit. New practices in the lending industry have made it easier than ever for you to refinance your mortgage or get a home equity line of credit. If you have adverse credit, specialized lenders can help you find the loan package your need with an interest rate you can afford.

Refinancing your home loan can allow you to make improvements to your home or consolidate debts. Some lenders offer loans up to 125% of your home's value even if you have less than perfect credit. Your current mortgage terms and interest rate, the length of time you intend to stay in your home, and the level of debt your currently have are all factors to be considered in making the decision to refinance your mortgage. If you have equity in your home, you will often receive a lower interest rate than those with little or no equity.

Home equity lines of credit are revolving accounts with your home serving as security for the loan. When you get a home equity line of credit you are approved for a certain amount of credit. The maximum amount you can borrow at a given time will depend on your credit limit. Typically, a home equity line of credit will have a variable rate of interest although some lenders may offer a fixed rate as well. You will have an amount you can borrow at any given time and you may not borrow more until a certain amount is repaid. Often you will have specific times as to when you may borrow money from your available credit limit.

Obtaining a home equity line of credit is can be the perfect solution for people with remodeling goals, children to put through college, or the need for access to extra cash in the event of an emergency or unexpected financial situation. You can use the money for any purpose and gain peace of mind in knowing you are prepared for whatever life brings you.

Refinancing your mortgage or getting a home equity line of credit has been the answer for millions of people looking to realize their financial goals. Even if your have bad credit there are loans and lenders who specialize in helping finance people with poor credit. They can help you reach your individual objectives.

To view our list of recommended bad credit or sub-prime mortgage lenders, visit this page: Recommended Bad Credit Mortgage Lenders.

Carrie Reeder is the owner of ABC Loan Guide. ABC Loan guide is an informational website about various types of loans. The site has informative articles and the latest finance news.

In The News:

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Washington Times
How can I avoid a mortgage refinancing rip-off?
IndiaPost.com, CA - 1 hour ago
For mortgage refinancing, that means knowing the terms of your existing mortgage and the latest mortgage rates, as well as reviewing your credit report and ...
Lenders Backlogged By Refinancing Rush Washington Post
The Truth About Mortgage Refinancing Revealed By Connecticut ... SBWire (press release)
Refinancing suddenly booms Honolulu Advertiser
MSNBC - Forbesall 26 news articles

Money High Street
Average Mortgage Rate Hits 5%, Lowest in Decades
New York Times, United States - 11 hours ago
Of course, buying a home is a more lengthy process than simply calling up a mortgage broker to refinance, and activity typically slows during the holiday ...
Long-Term Mortgage Rate Falls Again Wall Street Journal
Banks' mortgage rates fall below 5% Boston Globe
Homeowners with good credit scores are poised to capitalize on ... Baltimore Sun
Scripps News - AHNall 103 news articles

WJBF-TV
US Banks Offer Mortgages Below 5% After Fed Action
Bloomberg - 21 hours ago
The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped to 1143.8 for the week ending Jan. ...
Mortgage rates fall to record low again Forbes
Freddie Mac: Benchmark mortgage rate continues to new low MarketWatch
Bold government action can solve housing crisis North Texas e-News
American Banker - Connecticut Postall 600 news articles

Cardoza proposal could aid housing crisis
Stockton Record, CA - 4 hours ago
Under the Cardoza plan, the payment on that mortgage refinanced to 4 percent fixed rate would drop to $1194 a month. Contact reporter Bruce Spence at (209) ...

REFILE-UPDATE 1-US mortgage demand dipped before Fed move-MBA
Reuters - Jan 7, 2009
The jump in applications during December may have been driven by homeowners already "on the fence" and prepared to refinance on a drop in mortgage rates, ...
Mortgage applications down in latest survey Forbes
Week-to-week mortgage applications down 8.2% MarketWatch
Fewer apply for home loans; credit line delinquencies increase Los Angeles Times
KVOA.com - Kansas City Starall 63 news articles

Boston Globe
Fed’s Rosengren Calls for ‘Concerted’ Fiscal, Monetary Policies
Bloomberg - 7 hours ago
... to purchase or refinance homes,” Rosengren said. The average rate on a 30-year fixed-rate mortgage dropped for a 10th week to 5.01 percent yesterday, ...
Rosengren sees path to recovery Boston Globe
Fed's Rosengren says recession more severe than thought Reuters
all 54 news articles

Los Angeles Times
Congressional Press Release on Mortgage Deal
Wall Street Journal - 11 hours ago
"Despite efforts by Congress to address this issue, not enough lenders have come to the table to help borrowers with bad mortgages refinance into new, ...
Video: Business Update:Foreclosure aid? ReutersVideo
Citigroup reaches agreement with key senators on mortgage ... Minneapolis Star Tribune
Citigroup agrees to allow judges to help modify some mortgages IdahoStatesman.com
all 567 news articles

TopNews
Question & Answer on mortgage refinancing
Boston Herald, United States - Jan 1, 2009
If I refinance the mortgage on my current house, will I hurt my chances for getting a loan for a new place later on? A: No. Refinancing a loan shouldn’t ...
MORTGAGES: 30-year Mortgage Rate Falls For Ninth Straight Week To ... CNNMoney.com
Mortgage Rates Hit 37-Year Low Poynter.org
Mortgage Rates Down Again After Rising Above 5.00 Percent Last Week PR-CANADA.net (press release)
Wall Street Journal - Ventura County Starall 457 news articles

Refinancing shoots through the roof
Plano Star Courier, TX - 17 hours ago
“Quite a few people have remortgaged,” said Craig Jarrell, loan officer with Pulaski Mortgage. “Most people who refinance are new homeowners as recent as ...

Mortgage refinancing skyrockets
Cincinnati.com, OH - Jan 3, 2009
... 2009 With US mortgage rates the lowest in 30 years, local lenders say they've seen a strong surge in loan applications as homeowners seek to refinance ...
Waco banks seeing a boom in mortgage refinance applications Waco Tribune Herald
Borrowers seeking to refinance may face challenges WTOP
As mortgage rates slide, refinancing applications take off Dallas Morning News
all 15 news articles

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