Your Options for Bad Credit Second Mortgages

If you have bad credit, but want to secure a second mortgage on your home, then you may feel that the mission is really impossible. However, there are a number of possibilities, particularly when it comes to working out how much you have to pay. You can find a number of reasonable mortgage options, even if you have a very bad credit rating. These types of loan will best suit a borrower who needs a large cash injection, without touching the original mortgage.

Debt Consolidation Loan

This is one of the best ways of obtaining a second mortgage when you are short on cash. You can do this by pushing all of your debt together, which will help to lower the interest rate on your debts. Doing this form of loan will also allow you to have a fresh start, without numerous creditors calling you at all hours.

Paycheck Loans

These types of second mortgage loans can be very useful when you are feeling the pinch between one wage and the next. These loans will be put straight into your checking account, and will give you a quick solution, although they will usually charge a very high rate of interest, and cannot be taken out for too long.

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