Have you decided to refinance your home or
apply for a home equity line of credit but worry about your credit rating?
Even with poor credit it is possible to refinance your existing mortgage or
obtain a home equity line of credit. New practices in the lending industry
have made it easier than ever for you to refinance your mortgage or get a
home equity line of credit. If you have adverse credit, specialized lenders
can help you find the loan package your need with an interest rate you can
Refinancing your home loan can allow you to make improvements to your home
or consolidate debts. Some lenders offer loans up to 125% of your home's
value even if you have less than perfect credit. Your current mortgage terms
and interest rate, the length of time you intend to stay in your home, and
the level of debt your currently have are all factors to be considered in
making the decision to refinance your mortgage. If you have equity in your
home, you will often receive a lower interest rate than those with little or
Home equity lines of credit are revolving accounts with your home serving as
security for the loan. When you get a home equity line of credit you are
approved for a certain amount of credit. The maximum amount you can borrow
at a given time will depend on your credit limit. Typically, a home equity
line of credit will have a variable rate of interest although some lenders
may offer a fixed rate as well. You will have an amount you can borrow at
any given time and you may not borrow more until a certain amount is repaid.
Often you will have specific times as to when you may borrow money from your
available credit limit.
Obtaining a home equity line of credit is can be the perfect solution for
people with remodeling goals, children to put through college, or the need
for access to extra cash in the event of an emergency or unexpected
financial situation. You can use the money for any purpose and gain peace of
mind in knowing you are prepared for whatever life brings you.
Refinancing your mortgage or getting a home equity line of credit has been
the answer for millions of people looking to realize their financial goals.
Even if your have bad credit there are loans and lenders who specialize in
helping finance people with poor credit. They can help you reach your
About the Author: To see a list of recommended mortgage refinance
loan companies online, visit this page:
www.abcloanguide.com/refinance.shtml. Carrie Reeder is the owner of ABC
Loan Guide, an informational website with articles and more about various
types of loans.