Question:

Is it possible to find bad credit second mortgage loans?

Answer:

Yes, certainly it is possible to find bad credit second mortgage loans. Those are also called nonconforming 2nd mortgage loans. Before you ever request a bad credit second mortgage, please try to improve your credit score.

You can order a free copy of your credit report from the three credit bureaus Experian, Equifax and TransUnion either online, by phone or e-mail. You are entitled one free report per year anyway and this will provide you with your financial picture. And you should go over and find any incorrectly listed items and request to be removed. This may improve your credit score enough, so that you may be able to qualify for a regular second mortgage loan, rather than for a bad credit 2nd.

Most often bad credit second is a great choice for people who have little remaining balance on their first mortgage, and used to have a better score than they do now. Still, even though rates on a bad credit second mortgage will be worse than those of a conventional second trust, they will be way better than the 16 and 18 percent of credit cards.

Way to go with a bad credit second is shop for a subprime lender online. This is the best way to educate yourself about bad credit second mortgage loans and you should not be afraid to use the internet as a source of 2nd mortgage programs. Many lenders will have lower fees due to their online presence. Just be aware of obvious scams as "too good to be true" rule always applies. When closing the loan and before paying any fees or submitting your SSN, check lender's verification and talk to them over phone in the least.

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