A bad credit mortgage refinance loan can help you in many different ways. As a homeowner you can clear off your mortgage, ensuring that it is not in any danger of a foreclosure. These mortgage refinance loans have a much lower interest rate and therefore you do end up saving more at the end of the month. This loan will also help you clear off all your existing debts and thus help improve your credit rating. With the money saved, you can either use it for debt consolidation or funding an educational expense or even use it to renovate your home.

Although the refinance loan is a great boon, for those reeling under the pressure of a high interest mortgage, you should be ready to take up the new loan that will engage you for a certain period. It is recommend that you know of your financial condition, check your accounts, credit cards etc and then make the decision on applying for the refinance loan.

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i want to maybe buy my council house or alternatively apply for a first time buyers mortgage for a new property but i’m not sure what to do. when i was younger i screwed my credit rating up by getting too many cards and falling into arrears, i’m currently on a debt management plan which is gradually reducing the debt but this will take a long time. i have 2 ccj’s that are satisfied but i desperately want to move house.
my earnings aren’t too bad and i have a partner and two children unfortunately he has also been silly in the past and was made bankrupt 4 yrs ago. we’ve settled on the fact that we just have to get on with it but it would be nice to know if there is light at the end of the tunnel
sorry for rambling on…..
any advice will be gratefully received – thanks
thanks for your response – btw i don’t expect to actually be able to get a mortgage at present – like i said we have both been very stupid in the past and are now paying the price and our plan has always been to pay it off,save a deposit and take it from there but knowing us i’ll probably still be saying that in 10 yrs time

thanks anyway

A few years ago my husband and I bought our home under a really crappy plan. We have a fixed rate for so long and then it will go adjustable. I didn’t find this out until a week before closing. At that time it felt like it was too late to turn back.

Well our rate will go adjustable in March of ’09. 2008 has been the year from hell for our family as far as finances are concerned. Our mortgage payment has been late and reported to credit more than once already and it probably won’t get better for at least three more months.

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Not a loan from my next paycheck to get me further in debt
I just need a legit bank with understanding and sympathy…is that possible?

Adverse credit simply implies poor or bad credit that can affect your financial status and you may be considered as a borrower with high risk by a lender. So you are at the receiving end of loan refusals. You may find it tedious to find a loan due to your bad credits.

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Hi there,
My defacto and I have been looking to buy a house and he has been pre-approved for a loan (however due to a mis-spent youth.. i have bad credit and was declined!). He’s english so is not able to get the first home buyers grant but it would be a shame to miss out because of my bad credit. Is is possible for both his and my name to be on the Contract of Sale but only his name on the Mortgage or will the banks not let that happen and cancel the Loan Approval if my name is on the contract?

Thanks

You see the advertisements in newspapers, on TV, and on the Internet about credit repair. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:

· “Credit problems? No problem!”

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