Bad Credit Mortgage Basics
It only takes a few minutes to find out how LenderCity can help you with a bad credit mortgages or home loan with our Credit Repair Program. The program begins the process of fixing your credit by addressing unpaid credit cards and debts so that you can get these items up to date on your credit report. Regardless of your situation, we have the investors necessary to fund almost any bad credit loan. We can prevent foreclosure, take you out of bankruptcy, and pay off credit cards and other debts regardless of your credit scores. Bad credit home loans enable you to get cash out to take care of the credit issues you have or even purchase a new home.
Our credit repair programs are the first step in reversing the damage your credit has sustained and improving your credit scores. Refinancing with a bad credit home loan enables you to get the cash you need to begin paying off debts that have been neglected. Credit repair is the first step in starting over and fixing your credit, regardless of bad credit issues, bankruptcy, low credit scores and even foreclosure.
Debt Consolidation – Pay Off Credit Cards
Bad credit debt consolidation loans can help save you money every month by paying off your outstanding credit cards and debts regardless of your bad credit. Bad credit consolidation loans help you consolidate all of this debt into one easy monthly payment so that your life is simplified and you are able to save money every month.
Credit Repair Starts Now
Unpaid bills, collection companies, and growing debts can cause stress, worry, and headaches if not dealt with appropriately. Use the equity in your home to begin paying off your debts and repairing your credit with our easy credit repair program. Apply now and we will tell you how much we can save you and will lay out a roadmap for repairing your credit and strengthening your financial future.
Different Types of Mortgage Rates
With so many different types of mortgage rates to choose from, and so many variations within each type, deciphering the exact pros and cons of each offering can be confusing. To ease the headache a little, here we take a look at some of the industry’s more popular mortgage choices.
- Thirty Year Fixed Rate Mortgage
As the name suggests, this mortgage rate is for a 30-year loan. In a fixed rate mortgage, the interest rate is set in the initial contract and remains stable throughout the entire term of the mortgage. The stability of such a loan is highly coveted, however, not many people are able to qualify for 30-year fixed mortgage rates as they also require a substantial down payment.
Another popular fixed rate offering is the 15-year fixed rate mortgage. As with the 30-year loan, interest rates remain the same throughout term of the loan. The main difference is that interest rates are generally lower for shorter 15-year mortgages, and monthly payments are higher.
- Five Year Adjustable Rate Mortgage (ARM)
This is a five year loan with what is called an ‘adjustable rate.’ In an adjustable rate mortgage, interest rates do not remain stable, but fluctuate according to national inflation levels. This makes this type of mortgage a kind of gamble. In good economic conditions, this loan will have a very good interest rate, but in poor economic times the interest rates will increase. Judge the market carefully, and this kind of loan could be an excellent option.
- Balloon Mortgage Rates
The majority of the balloon mortgage rate loans have a duration of five to seven years. Balloon mortgage rates usually include very low interest rates for the majority of the loan period, a major selling point, however once this period is completed, the entire amount is due at once. Excellent financial planners may certainly find the balloon mortgage rate useful, but those with more uncertain fiscal futures may want to opt for a loan with less of an emphasis on the final payment.
These are some of the most popular types of mortgage rates in today’s market. Each has its own pros and cons and the details will vary depending on the individual lender. When choosing which mortgage rate is right for you, remember to consider both your current and expected future financial condition, as both can greatly impact the ease with which you eventually pay off your loan.
