| When looking for bad credit home loans mortgage | | | | get their hands on your money and your home. |
| refinance interest only, be careful. | | | | But don't kid yourself. Nobody gets something for |
| That is, if you want to keep your "home sweet home." | | | | nothing, especially people with poor credit. Bankers are |
| Why do I say that? Because the number of refinance | | | | not in the charity business. They're in the business of |
| mortgages going into default and foreclosure is | | | | making as much money as they can and borrowers |
| skyrocketing all across the U.S. | | | | with low income or damaged credit always pay a lot |
| And most homeowners getting into trouble are those | | | | more in interest and fees. That's just the way it is! |
| with bad credit, people who were enticed into exotic | | | | Some of the sleaziest lenders are actually charging |
| home equity loans with adjustable rate mortgages, | | | | vulnerable borrowers as much as 20 to 30% in |
| interest only payments and 125% loan-to-value | | | | interest and closing costs up to $5,000 on $25,000 |
| financing. | | | | loans. |
| The Federal Reserve board has even issued a | | | | If you're overburdened with unsecured credit card |
| warning - "Borrowers beware!" | | | | debt, bad credit home loans mortgage refinance |
| Did you know, once upon a time, just one generation | | | | interest only payments may be worth the risk. You |
| ago, lenders were very conservative? Are you aware | | | | can lower your monthly payments, reduce your |
| they never loaned money to people with bad credit? | | | | taxable income and put some extra cash in your |
| Believe it or not, it's true. | | | | pocket. |
| But that's all changed. Over the past ten years, the | | | | And you can even do it with bad credit or a |
| number of refinance loans to homeowners with bad | | | | bankruptcy if you've accumulated enough equity in |
| credit has increased by a shocking 400%. | | | | your home. |
| Lending to families with low credit scores is now a | | | | But there are considerable risks involved when you put |
| $240 billion dollar industry. | | | | your home up as collateral. You could end up losing |
| Since the mid 90's, the home mortgage industry has | | | | everything, including the roof over your head, especially |
| become increasingly competitive and sophisticated. | | | | if you max out your credit cards all over again. So |
| Now many unscrupulous and often just plain fraudulent | | | | don't bite off more than you can chew. |
| lenders are aggressively preying on people once | | | | Be smart, be careful and beware of exotic mortgage |
| considered bad credit risks. | | | | refinance loans. |
| I'm sure you've seen the ads. They're on TV, radio, you | | | | Do your homework. Know exactly what the terms |
| get them in the mail and you see them on the internet. | | | | and costs are. Always compare loan packages from |
| "Low introductory interest rates. Low monthly interest | | | | different sources. |
| only payments. 125% loans. No fees. No appraisal. No | | | | And don't let anyone pressure you into doing |
| credit check. Bad credit no problem. Fast approval." | | | | something you might be sorry for later on. |
| Some lenders promise anything and everything, just to | | | | |