Bad Credit Mortgages Loans
Mortgage loans for bad credit?
Hi. I am currently trying to take out a mortgage on my home to pay off some bills, etc. My x husband left me in so much debt that my credit is completely ruined. So far the only offer I have is for a $55,000 at 13 percent interest. Which turns out to be almost $220,000. I know its a lot of money but I have no other options. If I go ahead and take out the loan for now, is it possible for me to refinance it once my credit gets better at a lower interest rate? I have never dealt with anything like this so any information would be very helpful! Thank you.
Think carefully! That is an extremely high interest rate, plus you will be exchanging unsecured debt for secured debt (your home, which will be at risk). You need to consider your total financial situation – income, employment, amount and types of debt.