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Are Bad Credit Re-Mortgages Impossible?
So many of us feel that having bad credit will make a re-mortgage impossible or very close to impossible to say the least. With so many of the traditional lending institutions not even wanting to speak to us, slamming the proverbial door in our faces before we can open our mouth to speak our case, very few options seem to be left. But there is hope- and yes, a bad credit re-mortgage is 100% possible! You just need to look beyond the banks, a ways past the non-traditional lenders.
Believe me, potential creditors dont care why your credit is poor, just that it is – so you dont feel the need to explain. Some of us have gone through the unpleasantness of a divorce, creating a drop in finances and related credit score. Others lost their employment and have fallen behind on their bills. Still others had to file bankruptcy for one reason or another. Whatever your situation, you just need to find a quality, sub-prime mortgage lender!
Sub-prime mortgage lenders specialize in people like us, both for refinancing a current mortgage (also known as a re-mortgage) or buying a new home. Of course, there are a few things you should be aware of before you take advantage of one of these loans.
First, you should know that the lower your credit score, the more your re-mortgage is going to cost. The current industry average (sub-prime/bad credit re-mortgage industry) is 4%, but can go as high at 7%. This means that you, as a bad credit home loan borrower, are typically charged an average of 4% more than a borrower with good credit thats getting into the same general loan program. This percentage can be in charged in a bunch of different ways, including interest, points, and a wide variety of bad credit fees.
Dont think that the types of mortgages that you can qualify for are extremely limited, because you couldnt be more wrong, theyre just going to cost you a bit more. You can even apply for a mortgage that allows you to take out extra money to pay off high-interest credit card bills and auto loans, if thats what you need to help your financial situation!
Of course, your interest rate will also reflect your LTV, or Loan to Value ratio. This number stems from the amount your home is worth and compared to the amount of the loaned mortgage amount. The higher the loan amount to your homes worth, the more you will pay each month. This is true of all mortgages, no matter what you credit score may be.
Before signing any re-mortgage agreement, be sure to shop around to get the best deal. This will also keep any predators at bay from trying to take advantage of you as you re-mortgage your current home loan!
Fast cash unsecured loans: Great Help Indeed in Dire Need
People cannot predict when they will find urgent necessity of funding and they face such problems on many occasions. They may not need huge amount of money every time or some small amount may be enough for a time. But it is not easy for most of the salaried people or people with considerably limited income to get the money when they find it unavoidably demanding. Many of them may manage the funding taking help from the relatives or friends although it is not possible to explore these resources time and again. But time and again they need such financing. Fast cash unsecured loans are really to benefit these people.
Fast cash unsecured loans have certain advantages as the loans are available in unsecured variant. This means that the incumbent does not require producing evidence of ownership of any valuable possessions that may be used as collateral property which is a must for securing secured loans. Secondly, the borrower receives the money at an earliest convenience as the lending agency transfers the same within 24 hours after the application for fast cash unsecured loans is approved. The person who has demand for immediate money is in this way greatly relieved.
Fast cash unsecured loans are in the group of short term loans. A sum between £100 and £1500 may only be available. It is also a fact that terms and conditions for such loans are a little strict. The borrowers are to pay back the money along with interest just within 7 to 14 days. Sometimes the lender may give some concession and the tenure may be extended up to 31 days on some cases. Still it is always good for the lender to repay the loans as early as possible as interest for fast cash unsecured loans are charged at higher rate. If the loan is not paid back in the stipulated period the borrowers are charged with fees and the situation may go utterly against anyone.
Generally credit scores of the borrowers are not considered as criteria and a person tagged with unfair history of credit may get fast cash unsecured loans.
The borrowers must be 18 and British citizens. They must have valid bank accounts. A monthly income of about £1000 is asked for and it is also required that the incumbent must work in any legally approved concern at least for half of a year last.