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Is it possible to refinance a home even with bad credit?
Yes, it is possible to refinance a home with bad credit or no credit at all. However, it isn't that easy and interest rates are often quite a bit higher than they are for those with great credit.
How can buying a new car be possible for someone with bad credit ratings?
Buying a new car is certainly possible for someone with bad credit, but it is slightly more troublesome. When one goes to finance a car one may have to pay a higher interest rate in order to finance.
How can a bad credit score hurt you buying a new home?
When buying a home your credit means everything. A prospective lender wants to see how you will handle credit for buying a home and the only way to find that out is to see how you have handled your credit in the past. There are five factors that make up your credit score. Miss any of them and you don't get the points for that section. For example:FactorPercentage of Possible PointsMaximumPoints EarnedAccumulation1.How You Pay Your Bills35%192.5492.52. Revolving Balances30%165657.53. Length of Credit History15%82.57404. Mix of Credit10%557955. Credit Inquiries10%55850As you can see each one of these factors can either add or take away points to your credit score. Just as they can be positive they also have negative affects such as; late payments, no credit cards, no credit at all, old credit but no new credit to offset the bad debt, to many inquiries, high credit balances.Hope this answers your question and you are able to see how important your credit is when buying a home.
Where is it possible to refinance a home mortgage if someone has bad credit?
There are many places a person can go to refinance a home mortgage if they have bad credit. Bad Credit OK and Quicken Loans are two websites a person can use to help refinance their home mortgage.
How can someone with bad credit purchase a home?
Buying a home with bad credit can be difficult but not impossible. First check your credit score then try to have your card limits raised which will help the credit score. Then talk to a loan officer to see which debts are best to eliminate before applying for credit.
What are some options for buying a car with bad credit?
There are many options for buying a car with bad credit. Some options for buying a car with bad credit include taking out a loan from a company and taking out a loan from a friend or family member.
How is obtaining home equity loans for bad credit possible?
It is possible to obtain home equity loans for bad credit. One way is to check with different lenders to find out what their qualifications for loans entail. If you have a lot of equity in your home it would be very easy to obtain a loan regardless of your credit rating.
Can I get a mobile home loan with bad credit?
No it's not possible to get mobile home loan with bad credit.But it can be checked also by making loan application safely and securely for the best rates possible.
Can you get a HELOC with bad credit but own your home?
Yes, it is possible to get a HELOC with bad credit. However, you will need to verify with various lenders the minimum credit score. The interest rate will be higher depending on how low your credit score is.
Where can one obtain a bad credit home loan with no down payment?
It is not possible for someone with bad credit to obtain a home loan with no down payment. They would need to have a 5% minimum down payment and collateral.
How is it possible to obtain an equity home loan with bad credit?
One's lender should be contacted because they may have equity home loans for those with bad credit. Additionally, one may wish to improve their credit rating before getting an equity home loan as the interest rates will be very high if one is obtained with bad credit.
I need information about bad credit morgages. Can someone give me links please?
The Home Buying Institute has a Q&A blog where you can ask questions about credit. http://www.homebuyinginstitute.com/help/
