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| How long does the whole mortgage process take at Bad Credit Loan? |
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Once you apply for a mortgage an affiliate broker
will contact you anywhere from five minutes to two days. After you decide
which mortgage plan you would like to get, your affiliate broker will then
mail you a standard mortgage application. Once your affiliate broker
receives your application back he or she can lock in your interest rates.
From that point to closing can be anywhere from ten to thirty days.
This depends mostly on your credit and if it's a purchase or a refinance
mortgage loan. |
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| Is my application and personal information secure at Bad Credit Loan? |
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Mortgage Key completely respects our customer's
privacy needs in managing their personal finances. Our site uses a
variety of security measures to maintain the safety of your personal
information. All sensitive information transmitted between your browser
and our web site uses 128 bit Secure Socket Layer (SSL)
encryption technology. |
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| Once I complete the online application am I obligated into accepting your loan? |
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We realize that shopping around for lower rates is a
natural part of the mortgage process. This is why our online application has
no obligation and no application fees. If you do find better rates or terms
that we can't either meet or beat then you are in no way obligated into
accepting one of our loans. |
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| Why do some online companies ask for my social security number and Bad Credit Loan doesn't? |
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Many people are very unsure about internet security.
Although we have taken various steps to prevent any of your personal
information from leaking out, we feel that it is not necessary information
at this point in time. The information you provide for our online application
is basic contact information for your affiliate broker. Your affiliate broker
will need your social security to pull your credit so he or she can quote you
a rate, and can get this from you over the phone. |
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| Will my credit score go down every time my credit is pulled? |
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You have a thirty day period in which your are
expected to have your credit pulled by different lenders. If you have
your credit pulled for different things your score will definitely go down.
For example if you're applying for credit card, car, and a mortgage all in
the same month lenders will start to get worried. Also if you have your
credit pulled within this thirty day period and you don't get a mortgage,
and then you apply again 60 days later lenders are going to want to know
why you didn't get it before. Bad Credit Loan pulls directly from the credit
repositories and only needs to pull your credit once through out the entire
loan process! Why risk lowering your score? |
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| How does Bad Credit Loan get me a great loan? |
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As one of the nation's largest wholesale
lenders, Bad Credit Loan has access to a wide selection of
mortgage programs and products with preferred pricing those
other lenders and brokers can't match. That's good news for you.
You don't have to fit a mold to get a great new home loan from
Bad Credit Loan. So whether your credit is spotless or you have
a recently discharged bankruptcy, hard to prove income or some
other challenge, chances are Bad Credit Loan has a great new
home loan for you at a rate you can truly afford. |
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| Can I get cash or consolidate debt and refinance at the same time? |
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Yes. In fact, economists and financial planners around the country agree-- for most homeowners, refinancing is the single best way to get cash and consolidate high rate debt. Why? Because interest rates on first mortgages are generally the lowest rates available to consumers. Plus, first mortgage loans offer a greater selection of programs, products and terms than other forms of consumer borrowing. Need cash or want to consolidate high rate bills? A refinance is most likely the best financial option for you. |
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| What if I am currently late on my mortgage payment? |
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At many mortgage companies, being late on your mortgage payment even once in the past 12 to 24 months would prevent you from getting a new home loan. Not at Bad Credit Loan. We commonly assist homeowners who are 30, 60 even 90 days or more past due on their mortgage get a new home loan and a fresh start on their budget. We have hundreds and hundreds of testimonials from our satisfied customers to prove it. Let us prove it to you. |
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| What if I am currently late on other obligations or have collections and judgments? |
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If you are currently late or have ever had late payments, collections or judgments you probably know firsthand the frustration of having creditors and collectors nagging you for payments while you're trying hard to get rid of those bills plus meet life's ongoing financial needs for you and you family. Bad Credit Loan can end the frustration. With a new home loan from Bad Credit Loan, you can pay off your past due creditors and get a fresh start on your budget. Plus, stop the nagging calls and get some peace of mind again for you and your family. Click Request A Quote and have Bad Credit Loan end the frustration now. |
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| What is LTV (Loan to Value) and how will it affect my loan? |
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Most lenders limit the amount of money they will loan to a certain percentage of the value of your home. This is known as the loan to value (LTV.) For example, if a lender says "we can go to 85% LTV," then the maximum loan they could extend would be 85% of the current market value of your home. The maximum LTV can vary not only from homeowner to homeowner, but from lender to lender as well based on each homeowner's unique qualifications. At Bad Credit Loan, we specialize in helping homeowners with less than perfect credit. Our programs, with LTV's up to 100% of the value of your home, are designed to give you the maximum flexibility you need to get cash, consolidate debt and give you a fresh start on your finances. |
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| Can I get a new loan even after bankruptcy or foreclosure? |
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Every day we hear from people who've been told that they can't get a new home loan after they file bankruptcy or have been through a foreclosure. That's simply not true. Bad Credit Loan has the resources to give homeowners another chance, including loans to homeowners just discharged from bankruptcy. If you've heard "no" from other lenders then we encourage you click Request A Quote! We have the loan programs and products that separate us from the competition and give us the flexibility to say "yes" to your new home loan. |
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| What is the lowest credit score I can have and still get a new loan? |
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There are several qualifications that lenders consider when approving someone for a home loan including employment stability, debt to income ratio, past mortgage payment history, LTV and your credit score. These qualifications will affect your ability to qualify for a loan with any particular lender and the rate and terms you will qualify for. At Bad Credit Loan, we specialize in helping homeowners with less than perfect credit. We have programs that can assist homeowners with credit scores as low as 500 get another chance to put their finances back on track. We don't expect you to fit a mold. We'll consider all your qualifications, including credit score, to help get you the new home loan you're looking for. |
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| What's the difference between a refinance and a home equity loan? |
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Many homeowners incorrectly believe that a refinance and a home equity loan are the same thing. They are not. With a refinance, the old first mortgage is paid off and any cash out to consolidate bills or given to you at close is rolled together into one new loan. One rate. One loan. One payment. A home equity loan is synonymous with a second mortgage. If you take out a home equity loan (fixed amount or line of credit) you will have a second loan and a second mortgage payment with a usually much higher second mortgage rate. For most homeowners, refinancing is the single best way to get cash and consolidate high rate debt. |
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| Will I need to verify all my income? |
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Bad Credit Loan offers special "Stated Income" loans that do not require the same level of income verification and other documentation required of traditional mortgage loans. These loans are popular with self-employed individuals and other homeowners who do not have easy to verify income or assets. Discuss your documentation needs with a Bad Credit Loan Mortgage Banker today. We'll be glad to explain our loan programs and products in simple to understand terms and help you determine the right home loan for your needs. |
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