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.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
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Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
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Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
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Common misspellings: mortage and morgage