How To Get A Second Mortgage With Bad Credit
Need to know how to get a second mortgage with bad credit? If you want to take out another mortgage on your home, and you have had some problems with creditors, you are probably wondering how arrange for that second mortgage with your bad credit score. If you do some research, you should be able to find lenders willing to work with you. Your loan terms may not be as favorable, but when you have credit issues, your choices are limited.
- Your first mortgage lender may be the best option if you want to get a second mortgage with bad credit. Since they already approved you when you bought your home, if you want to get a mortgage with bad credit you should see if they are willing to be of assistance. If they are not, ask if they can recommend another source for you to try.
- Do some research and see if you can find institutions that offer non-traditional loans. The loan fees and interest rate may be higher, but if you want a mortgage with bad credit you will have to do what is necessary in order to get the loan. If you are able to provide some additional collateral, that may help you get approved.
- If you have a co-signer you may be able to get approved for a second mortgage with bad credit. Ask the lenders you are considering if they will take an additional signer. Having a guarantor or co-signer can sometimes get you more favorable loan terms, even if you have had trouble with your credit.
- Consider using a private lender if you want a mortgage with bad credit. If you have exhausted all other avenues, this is your best option. There are many private lending sources online that you can contact. Relatives are another source you can try, if you are unable to secure financing through an institution.