| If you are considering a second mortgage to access | | | | credit use a second mortgage to help them rebuild |
| equity in your home and have poor credit, there are a | | | | their credit. When you borrow a lump sum in the form |
| number of options available to you. Your credit rating | | | | of a second mortgage you can use this month to pay |
| will determine the interest rates and terms you qualify | | | | of your high interest debts. This will result in one |
| for on the new loan. Here are several tips to help you | | | | payment with a lower interest rate for all of the debt |
| improve your application and qualify for a better | | | | consolidated. Remember that consolidating your debt |
| second mortgage loan. | | | | does not eliminate your debts, it simply moves it around |
| What is a Second Mortgage Loan? | | | | to make it easier for you to pay back. |
| A second mortgage is a loan secured by your home | | | | Rebuild Your Credit with a Second Mortgage Loan |
| based on the equity you own. Second mortgages can | | | | Obtaining a second mortgage will not be an instant fix |
| be obtained from the same lender as your primary | | | | to your credit problems. Once you have consolidated |
| mortgage; however, many homeowners find a better | | | | your debts it is important to make all of your payments |
| deal from a different mortgage lender. Either way, | | | | on time and control your spending habits. If you begin |
| your home will have a second lien on it and if you fall | | | | running up balances on your credit cards after |
| behind on either mortgage the lenders can take your | | | | consolidating your debts it defeats the purpose of the |
| home. When you take out a second mortgage loan | | | | consolidation loan. Improving your credit score after |
| you will typically have two payments, one for your | | | | consolidation means maintaining low balances on your |
| primary mortgage and another for the second | | | | credit cards, being responsible with credit, and paying all |
| mortgage. | | | | of your bills on time. After as little as 24 months you |
| Why Apply for a Second Mortgage? | | | | will be on track to having a good credit rating. You can |
| There are a variety of reasons for taking out a | | | | learn more about your mortgage options by registering |
| second mortgage loan. Many homeowners with poor | | | | for a free mortgage guidebook. |