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Second Mortgages

Do you have bad credit?

Are you one of the many Americans who has less than perfect credit? Has the amount of debt that you have accumulated become overwhelming and scary? If so, perhaps you should consider a second mortgage loan. Second mortgage loans, also called home equity loans, allow individuals to borrow against the equity they have already established in their home. A second mortgage gives borrows the opportunity to pay off high interest credit cards and other debt while

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From where can I get a second mortgage?

Before actively seeking a lender, you must first understand your current credit situation. You can do this on your own by pulling a credit report from one of the many companies available online. Some services even give you the report instantly. Be sure to look for a service that pulls information from all three of the major credit reporting agencies. The credit report will tell you just what kind of a candidate you are. The credit score itself is an indicator of how likely you are to pay your bills consistently. A higher score will guarantee you more options from more lenders; a lower score will reduce the amount of lenders who are willing to offer you a home equity loan.

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A low score is not a no score.

A lower credit score simply indicates that, at one point or another, you were unable to pay your bills on time. That’s all. You are not a bad person, nor do deserve to be sentenced to a life of debt. Use the information on your credit report to improve your credit. Start simply by establishing a debt management plan. Many companies offer debt counseling services for a fee, but you can make your own plan, as well. Be sure that the plan consists of items like paying all of your bills on time each month, pay off debts that have been on your credit report for a long period of time, and pay more than the minimum as often as possible.

Then what?

After creating your debt management plan, put it into effect. You can then do one of two things: either wait to begin applying for a home equity loan, or apply immediately. If you decide to wait to apply for a second mortgage, you will have more time to repair your credit, which will improve your chances of getting a better loan from more lenders. If you feel that you need to get your second mortgage as soon as possible, that’s ok. There are companies that will work with you. You can even search for hypothetical rate packages online, anonymously.

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