Getting a second Georgia mortgage with bad credit to payoff old debts or refinance a Georgia tax lien in order to Stop a Georgia Foreclosure action can actually result in an improvement in your credit score. The longer you are able to keep your payments up to date and/or lower your monthly obligations the easier it becomes for you to qualify for a (2) second Georgia mortgage. It is not easy to find a Georgia mortgage lenders offering borrowers a second Georgia mortgage with bad credit but anything is possible. You first need to fill out a full Georgia mortgage application so we can help you locate the best bad credit (2) second Georgia mortgage loan offerings.
THE RESULT OF BAD CREDIT
A (2) second Bad credit Georgia mortgage on your Georgia home almost always comes with a higher interest rate than your first Georgia mortgage. Reason is, you are adding to your Georgia mortgage debt load, which makes you a greater risk to the Georgia mortgage lender. Second, the (2nd) second Georgia mortgage is subordinate to the first mortgage; therefore, if you default, the holder of the first Georgia mortgage is entitled first to any money or equity you can pay before the bad credit 2nd second Georgia mortgage lenders get paid back.
Applying for a bad credit second Georgia mortgage with bad credit makes you a much greater risk to the Georgia mortgage lender. The cost of borrowing is always based on the perceived risk you represent to the lender. The worse your credit situation, the higher the interest and the more equity the lender requires in your home.
BAD CREDIT 2ND GEORGIA MORTGAGE- TO FIX YOUR BAD CREDIT
The first step even before applying for a bad credit second Georgia mortgage is to do what you can to improve your credit. Your credit scores are maintained by the three main credit bureaus: Equifax, Experian and TransUnion. You are entitled to one free credit report a year. You will want to check for any mistakes, and if they exist. Contact the creditor and get the errors removed. If you do have one or 2 30 day late payments call the creditor ask if they would be kind enough to remove the late payments. Usually all creditor will remove 1 or 2 courtesy late payment removals. Getting late payments removed could be the game changer in getting you approved for a bad credit second Georgia Mortgage.
REDUCE YOUR CREDIT CARD DEBT
If you have high balances on your credit cards , try to pay off an amount that brings you under 25% percent of your credit card debt limit. This is the quickest easiest way to increase your credit score.
Resist trying any quick fixes. Consolidating credit card debt on one card or moving credit card debt to a lower-interest card can actually hurt your chances of getting a Bad credit second Georgia mortgage. Multiple credit card applications will quickly lower your credit score.
BAD CREDIT 2ND FLROIDA MORTGAGE LENDERS
Consider using a bad credit Georgia mortgage broker like us!. The good news is that bad credit doesn’t mean you can’t get a Georgia mortgage. There is almost always a bad credit Georgia mortgage lender willing to lend. You might have to pay higher interest to borrow on a bad credit second mortgage. A Georgia mortgage can shop many bad credit Georgia mortgage lenders to find you the best rate you qualify for in your bad credit circumstances.
GET A COSIGNER
If the terms for which you qualify on a second mortgage with bad credit are too expensive, consider lining up a co-signer on the loan. A friend or family member with good credit and with whom you have a good relationship can sign the bad credit Georgia mortgage with you. His or her credit score may provide the confidence the lender needs to approve your bad credit Georgia mortgage.
By paying off the second Georgia mortgage, which often has a much shorter loan life, you can improve your Bad credit history and enjoy the benefit of the equity out of your home. The key is to reduce your monthly credit obligations so that you can afford your monthly payments.