How to get a Second Mortgage with Bad Credit: Home Equity Loans or Refinance?
Many people with bad credit that are looking into a second mortgage to get more money to pay off bills, take a vacation, or many other reasons wonder two main things:
Can I get a second mortgage or home equity loan with bad credit?
Should I get a second mortgage for the equity or refinance?
My advice is, forget the second mortgage and... Refinance! Why?
Check the interest rates on a second mortgage!
Firstly, A second mortgage will usually have an interest rate that is twice or even three times as high as your first mortgage rate. You can refinance instead and keep a very low rate. In the long run a second mortgage will just cost you money in interest charges.
Don't let greedy lenders take advantage of your bad credit
Second, a second mortgage is normally designed for mortgage account executives (salespeople) to sell you on using it like a credit card attached to your home. They will try to convince you to use it over and over again.
Remember, watch the equity on a second mortgage
Also, A refinance loan is better for the equity in your home. Very few companies will refinance your home at 100% of itís value without forcing you to take out a second mortgage. You donít want to use 100% of your equity because that means you no longer have that equity to fall back on in emergency situations.
Again, watch the commissions on a second mortgage!
Furthermore, Second Mortgages and Home Equity lines of credit are designed to provide account executives (salespeople) with another tool to sway you into putting another commission in their pocket.
Don't Risk Equity on a second mortgage Just To Blow Money
And finally, Your equity is a precious thing and should not be used for unnecessary add ons or impulse buys. If you donít need it and there is even a slight chance you canít afford it, then donít get a second mortgage to buy it.
The only reason that I would ever recommend a second mortgage or a home equity line of credit is in an emergency situation. Only when there is no other option and you must take out a loan would I recommend either one of these options.
If you want the insider secrets on how to get a second mortgage, home equity loan, or refinance with bad credit you must read Mortgage Secrets Exposed.
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