Question:

Can I get a subprime second mortgage?

Answer:

A subprime second mortgage may be necessary when you have bad credit. Many lenders will offer subprime second mortgages.

Subprime second mortgages are most often used to consolidate credit card debt, finance home rehab projects, fund big ticket purchases, start a new business or repay bankruptcy. Those loans can come with fixed term, as well as an adjustable rate HELOC. Some lenders will offer you a 125% second mortgage, and will roll closing costs into the loan.

Even though subprime second mortgage loans usually carry high rates, you have to look for the best quotes. Private lenders usually sponsor non-conforming second mortgages - that is, even if your score has dropped below 500, taking a subprime second mortgage with a private lender can be a good shot.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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