subject: How About Bad Credit Second Mortgages? The 3 Commandments For Faster Funding [print this page] How About Bad Credit Second Mortgages? The 3 Commandments For Faster Funding
During your quest for getting the cash you need to pay down unexpected expenses - or just to catch up on your regular monthly payments - you have probably thought of a million different ways to get the money you need.
The kinds of money-getting ideas that typically come to mind for people who are in need of cash include:
taking out an unsecured personal loan
borrowing cash against a credit card
taking out an auto title loan
borrowing from friends and family
taking on odd jobs to make more money
While each of these ideas certainly has its merits, each one can also present obvious problems. Personal loans and borrowing against a credit card usually comes at very high interest rates, as do auto title loans. Borrowing from people you know can be smart, but then again doing so can also hurt a relationship if things don't go well. And what about taking on an odd job? Very noble, indeed, but doing so may not allow you to save up the money you need in the time allowed.
If you own a home and need access to extra cash, how about considering bad credit second mortgages? Here are 3 commandments that, if followed, will help you get access to your cash faster and at a lower interest rate:
1. Prepare your financial and employment documentation:
To speed along the loan approval process even faster, do yourself and your lender a favor and prepare any required documentation now. This can include, for example: W2 forms, pay stubs, and resumes. Be prepared and you won't delay the process once you start applying.
2. Play the numbers to reduce risk of rejection:
Just as it is with finding the right mate, landing the right job, and buying a home, luck is sometimes a numbers game. In this case, it means: to land the best-possible second mortgage deal for bad credit individuals, you should apply to multiple lenders. The more lenders you apply to, the better your chances will be of finding the perfect deal for you. Compiling a bad credit mortgage loan lender list now will take a bit more time, but it will save you time and frustration later.
3. Know how to find your ideal target lenders:
Since you have a bad credit score, you need to be sure you are working with "bad credit second mortgage lenders" or "bad credit home equity loan lenders." These lenders specialize in looking past your credit score, instead focusing on identifying various telltale signs on your credit report that you are creditworthy - despite your low credit score.
Consider following these 3 commandments for faster funding of bad credit second mortgages.
