If you are looking to refinance your mortgage but believe you will be unable to because your credit may be challenged by late payments, bankruptcy, charge off’s, or unpaid medical bills to name a few, don’t worry, there is hope.
There are literally thousands of lenders across the United States that specialize in all different types of mortgage programs for people who have challenged credit.
They are not the typical banks you find down the street from your house that deal with perfect credit only. Nor are they hard money lenders that charge outrageous mortgage rates. They are known as wholesale lenders.
Wholesale lenders work closely with mortgage brokers. Mortgage brokers are the people who work with people looking for mortgages in the way of counseling, educating, and locating a loan for people who find themselves in a unique situation and have trouble finding a loan on their own because their needs may be special.
Keep in mind, wholesale lenders are out there by the thousands, and they are very competitive. So be sure to shop around. Just because you have bad credit, it does not mean that you should be at the mercy of mortgage companies. There are plenty of lenders out there who have programs to lend money to people with bad credit.
The best place to begin your search for a bad credit mortgage refinance would be the internet. Make an attempt to contact no more than four lenders, allow for them to assess your situation, than base your decision on the one that offers you the best deal that meets your needs and budget.
Regain Control Over Your Life Once Again Through Debt Consolidation Refinance
Debt consolidation refinance is a simple way to regain your financial footing by refinancing your debt load.
By using a debt consolidation refinance plan, the equity you built up in your home can be used to pay off personal loan and credit card debts, among other things; however, you must not forget that borrowing for debt consolidation is actually adding another debt to the previous debt load.
On the other hand, taking a debt consolidation refinance loan will just mean using your own money from your built-up home equity to pay off your existing creditors.
How will refinance help to consolidate my debt?
Debt consolidation refinance will help you break free from debt you may have accumulated through poor money management or a chain of unfortunate events and bad financial habits.
It can help you get rid of the feeling that you are working only to pay your bills with no life at present. You can address the issue of increasing debt and regain control of your money, rather then being controlled by your debt.
It can set you back on the solid ground of fiscal responsibility that will help you sleep better at night and make life good once again.
How should I begin?
You can begin by doing a little research on programs and companies that can get you out of debt. Debt consolidation refinance companies may be loan companies, banks, or mortgage companies. The programs they offer vary from state to state and region to region.
Doing your research up-front and planning your best move is crucial to your debt reduction strategy. Check the interest rates and payoff amounts and decide what will work best for you. Also consider the monthly payments and closing cost.
Your next step is committing to a debt consolidation refinance plan. Slowly you can begin to reap the benefits.
If you carefully step into a debt consolidation refinance and plan every step, it will work for you. This can be your first step back into fiscal solvency.
Debt consolidation refinance is a simple way to regain your financial footing by refinancing your debt load.
By using a debt consolidation refinance plan, the equity you built up in your home can be used to pay off personal loan and credit card debts, among other things; however, you must not forget that borrowing for debt consolidation is actually adding another debt to the previous debt load.
On the other hand, taking a debt consolidation refinance loan will just mean using your own money from your built-up home equity to pay off your existing creditors.
How will refinance help to consolidate my debt?
Debt consolidation refinance will help you break free from debt you may have accumulated through poor money management or a chain of unfortunate events and bad financial habits.
It can help you get rid of the feeling that you are working only to pay your bills with no life at present. You can address the issue of increasing debt and regain control of your money, rather then being controlled by your debt.
It can set you back on the solid ground of fiscal responsibility that will help you sleep better at night and make life good once again.
How should I begin?
You can begin by doing a little research on programs and companies that can get you out of debt. Debt consolidation refinance companies may be loan companies, banks, or mortgage companies. The programs they offer vary from state to state and region to region.
Doing your research up-front and planning your best move is crucial to your debt reduction strategy. Check the interest rates and payoff amounts and decide what will work best for you. Also consider the monthly payments and closing cost.
Your next step is committing to a debt consolidation refinance plan. Slowly you can begin to reap the benefits.
If you carefully step into a debt consolidation refinance and plan every step, it will work for you. This can be your first step back into fiscal solvency.
By using a debt consolidation refinance plan, the equity you built up in your home can be used to pay off personal loan and credit card debts, among other things; however, you must not forget that borrowing for debt consolidation is actually adding another debt to the previous debt load.
On the other hand, taking a debt consolidation refinance loan will just mean using your own money from your built-up home equity to pay off your existing creditors.
How will refinance help to consolidate my debt?
Debt consolidation refinance will help you break free from debt you may have accumulated through poor money management or a chain of unfortunate events and bad financial habits.
It can help you get rid of the feeling that you are working only to pay your bills with no life at present. You can address the issue of increasing debt and regain control of your money, rather then being controlled by your debt.
It can set you back on the solid ground of fiscal responsibility that will help you sleep better at night and make life good once again.
How should I begin?
You can begin by doing a little research on programs and companies that can get you out of debt. Debt consolidation refinance companies may be loan companies, banks, or mortgage companies. The programs they offer vary from state to state and region to region.
Doing your research up-front and planning your best move is crucial to your debt reduction strategy. Check the interest rates and payoff amounts and decide what will work best for you. Also consider the monthly payments and closing cost.
Your next step is committing to a debt consolidation refinance plan. Slowly you can begin to reap the benefits.
If you carefully step into a debt consolidation refinance and plan every step, it will work for you. This can be your first step back into fiscal solvency.
Debt consolidation refinance is a simple way to regain your financial footing by refinancing your debt load.
By using a debt consolidation refinance plan, the equity you built up in your home can be used to pay off personal loan and credit card debts, among other things; however, you must not forget that borrowing for debt consolidation is actually adding another debt to the previous debt load.
On the other hand, taking a debt consolidation refinance loan will just mean using your own money from your built-up home equity to pay off your existing creditors.
How will refinance help to consolidate my debt?
Debt consolidation refinance will help you break free from debt you may have accumulated through poor money management or a chain of unfortunate events and bad financial habits.
It can help you get rid of the feeling that you are working only to pay your bills with no life at present. You can address the issue of increasing debt and regain control of your money, rather then being controlled by your debt.
It can set you back on the solid ground of fiscal responsibility that will help you sleep better at night and make life good once again.
How should I begin?
You can begin by doing a little research on programs and companies that can get you out of debt. Debt consolidation refinance companies may be loan companies, banks, or mortgage companies. The programs they offer vary from state to state and region to region.
Doing your research up-front and planning your best move is crucial to your debt reduction strategy. Check the interest rates and payoff amounts and decide what will work best for you. Also consider the monthly payments and closing cost.
Your next step is committing to a debt consolidation refinance plan. Slowly you can begin to reap the benefits.
If you carefully step into a debt consolidation refinance and plan every step, it will work for you. This can be your first step back into fiscal solvency.
Refinance Your Student Loans
If you’ve recently graduated from college, you’ve probably been bombarded with mailings and advertisements urging you to refinance (or consolidate) your student loans right away. But wait, what is loan consolidation? And why should you do it? If you’ve just graduated from college, you’ve probably got a number of different student loans, all in different amounts from different lenders at different interest rates. Loan consolidators (which can be private banks, lenders or government agencies) pay off all your individual loans in exchange for a single loan in the same amount issued to you. So now instead of all those different loans, you’ve got one loan that you repay to the consolidator. Refinancing your student loans reduces your monthly payments and locks in a fixed interest rate. In most cases, student loans have variable interest rates set a few points below prime. As interest rates go up, so will the interest rate on your loans. When you refinance your loans, you lock in an interest rate based on the current market conditions that will be set for the life of your loan. Therefore, it’s important to evaluate the market before making the decision to consolidate. Right now, interest rates are low, but they’re going up and most economists predict that they’ll continue to go up for awhile. So for many people, this is a good time to refinance. Your credit history will also determine your eligibility for loan consolidation programs. Loan consolidators can be picky in who they accept for their programs, so the option to refinance is usually only available to individuals who have established good credit by paying their loans back on time. If you’ve missed payments or made payments consistently late, you may not be offered the best terms, if you’re accepted at all. If your application is denied the first time, call the consolidator and talk to a loan officer about the reason for your rejection. The officer may offer you advice on how to qualify for their program at a later date. If you decide to refinance, be sure to consolidate federal loans and private loans separately from each other. When you consolidate your loans, you’re typically offered a rate that’s 1-2% lower than the average rate of your loans. Federal student loans often carry much lower interest rates than private loans, so consolidating them together can bring up the average interest rate of your loans and leave you with a higher fixed rate locked in. If you only have one private loan, it may not make a difference, but it’s important to assess your options before committing to refinance. Is there anyone who shouldn’t consolidate? Let’s look at a scenario. Tracy has 2 loans for $5,000 each that are scheduled to be paid off within 5 years. She can afford to make her monthly payments but wants to see if she can save a little extra cash each month by consolidating. She finds out that she can refinance the loans into a $10,000 consolidation loan to lower her monthly payments and she’ll be eligible to extend her payments over 8 years. But because she’s extended the life of her loans, she’ll be paying interest over a longer period of time and may wind up paying more overall than if she had kept her loans as they were. It is tempting to pay less per month but if you can afford to pay off your loans in a shorter period of time, then you’ll likely save money on interest in the long run. Obviously every situation is different and you won’t find all your answers in a short article like this. But if you think loan consolidation might be right for you, check out the Student Loan Network’s site at Studentloanconsolidator.com for more information or speak with a loan officer or financial planner to see what your options are.
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