http://www.realcase.com Lenders assign you a credit score any time you apply for credit. This is there way of them determining whether you are a likely candidate to give credit to, or not.

The credit score is a 3 digit number, typically in the range of 300 to 850. At the low end 300 means you have very bad credit and would be unlikely to receive a loan, and on the other end of the scale a credit score of 850 would have the lender salivating at the opportunity to loan you a heap of money.

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my boyfriend and i have bad credit but we own a $85,000 home with no mortgage. the house is paid for. we were looking into getting a home equity loan to pay some back bills off and do home improvements. is there anywhere that we could get a loan even with bad credit?

Then why do you want to put the house at risk by using it as an ATM machine?

You DO NOT save any money paying off bills with the house…all you do is take unsecured debt and turn it into secured debt.

Having a free and clear home is one of the most important assets a person can have.

Please work an extra job or something to save up money for what you want to spend money on. I would highly, highly recommend that you not go that route, especially when you aren’t even married…b/c marriage gives you LEGAL protections that you simply do not have, when you are living together.

A second mortgage just means that it is the second loan that is secured against your home. This is not a good thing to have as you not only have a lot of debt to pay off, but your home is at risk if you could not pay off your loans completely.

The interest rates are higher on the second loan but the bank charges will be less as there is already a loan registered on your name. To qualify for this loan is much the same as qualifying for the first loan. Your credit history will be checked and you will have to answer a questionnaire about your employment status and your monthly income and expenditure. The money can be paid to you in a lump sum or you can open a line of credit and use the money as you need it.

Very few banks give prospective property buyers a loan for the full purchase price of the property. The balance has to be paid by the buyer in cash. If you did not have a deposit and you discovered the home of your dreams you would want to buy it immediately as the seller would not want to wait for you to first save up a deposit. In a case like this the bank would allow you to take a second mortgage to pay for the deposit. In a case like this it justifies taking a second loan on your home.

The loan can be used for home renovations. There are always repairs and improvements that must be made on the home. The cost of building is very high and it is better to borrow the money and get the jobs done than to put it off while you are saving the money. Before embarking on home improvements, first get quotes from the building companies and building suppliers concerned so that you know what the project will amount to. This will help you budget and not waste any money. The line of credit will work well in this case as you can pay for labor and building material as you need to. The line of credit works much like a credit card.

Lee Van
http://www.articlesbase.com/loans-articles/second-mortgages-is-this-a-bad-thing–89450.html

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Certain things will decide that:

A loan is made up of these criteria:
character (credit), collateral (propety value), ability to repay, assets on hand (like bank balance, 401 (k)s, IRAs, stocks, bonds, etc)

1. How BAD is the credit in question? Sometimes what a borrower considers bad, a lender consider acceptable risk. Do you have any good credit? Good credit could be in the form of on-time payments to buy here pay here shops, utilities, car payment to private lots, etc.
2. Do you have any money to put into the home?
3. Are you going to use the home as a primary residence or not?
4. What is the condition of the home?
5. Are any of the units rented? If so, get the rent rolls to see how much gross income is flowing to the property. Keep in mind that most lenders only allow 75% of any rental income to be used to offset debt.

A loan is possible, but the payment may be slightly higher since the lender has more risk involved with a customer who has marginal credit. Please contact me for any assistance with a referral to a local agent in 38 states.

In recent years bad credit mortgages have been readily available, however in 2009 that is no longer the case. With the housing market on the decline, so are the bad credit mortgage operations. Once easily obtained bad credit mortgages are now on a rapid decline and looks to not improve in the year 2009.

If you have bad credit, meaning a credit score of less than 700 obtaining a mortgage might be extremely difficult for you. Some smaller banks and credit unions will still offer a bad credit mortgage before the large nationwide banks will. A bad credit mortgage loan may be attainable as an adjustable rate mortgage and open up the possibility of a refinance in the future, when your credit score has increased. The adjustable rate mortgage might entail a balloon payment, private mortgage insurance and or higher interest rate than the prime rate.

If you are searching for a bad credit mortgage first you should view your credit report. An inaccurate credit report is often the culprit of low credit scores you can work with the credit bureaus to repair or remove any inaccurate information located in your personal file. Next prepare your documents that will be required to obtain a bad credit mortgage, typically it is 2 years worth of tax returns, discharged bankruptcy papers, marriage certificates and/ or divorce decrees, your current liabilities and income verification.

Contact a professional mortgage broker he or she will be on your side during your entire loan process from finding the right lender, filling in the paperwork and letting you know if a bad credit mortgage is an option for you and your situation. Be prepared to be turned down, but you really won’t know unless out try. Research your location, your current income and your credit worthiness take steps to improve your credit scores to ensure that you have the option in the future to obtain a home mortgage at a lower interest rate.

Derek Farley
http://www.articlesbase.com/mortgage-articles/getting-bad-credit-mortgage-loans-719759.html