subject: Affordable Bad Credit Second Mortgage Rates [print this page] If you have ever had bad credit, you know that there is a chance that you will have a high risk mortgage. The mortgagee will come with interest rates that are higher, closing costs tat are high and prepayment penalties.
To avoid all this, it would be advisable to repair your credit before you apply for a mortgage even if you are looking for a second mortgage. The first step to fixing your credit would be to go through your credit report and also your FICO score.
You might find that there errors in your credit report which when they are rectified, they will give you a chance to avoid bad credit second mortgage.
Try and make you credit card payments on time so that you can improve your credit score. With time, the credit score will have improved in such a way that when you get a second mortgage it will not be termed as a bad credit second mortgage.
If this is not possible, you can find other options that help you get a second mortgage even if you have bad credit. In the present day there are several bad credit mortgage service firms who will be willing to provide you with this service if you shop around carefully.
The first place to start would be to go online. The search of bad credit second mortgage firms online will show you that there are very many of them.
These firms have systems in place that can help you be able to get a second mortgage even when you have bad credit. Due to the high rate of internet fraud, you should be careful so that you dont choose a fraudulent company.
Fraudulent companies are those that take advantage for people who have bad credit and instead of helping them, they swindle them of what little money they have left.
Once you have found one that has been vouched for and is known to be genuine, you can start the application process. Before you proceed down this road, you should make sure that you have several things at hand.
The first thing would be to ensure that you have a credit report and score that are accurate. Data of your income will also be needed and this too should be accurate.
The reason behind these two types of documents would be the fact that you can be able to prove to the bad credit second mortgage companies that you have a steady income. This will convince them to give you the mortgage.
by: Rick Lee
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