Georgia (GA) Bad Credit Refinance Loans-Getting a Refinance Loan with Bad Credit or Low Credit Score
March 22nd, 2009
Homes in Atlanta, Savannah, Athens and surrounding areas have appreciated to allow homeowners to take cash out of their homes, via home equity loans or home equity line of credit loans, to finance home improvement projects, credit card debt consolidation, education, etc.
If you live in Georgia and you need a mortgage refinance loan but you are worried about bad credit - know that it is possible to get a HELOC or Home Equity Loan, even with a low credit score be it 450, 500 or 550.
bWhat is your FICO credit score?/b
Your FICO (Fair Isaac Corporation) score is number between 300 and 850, that indicates your financial health. A good FICO score is a score above 670, while a poor FICO score is a score below 620. Different lenders vary of what they consider a fair credit score versus a poor credit score - this can be a gray line.
Having a good credit score allows you to get credit on competitive terms - good interest rates, exciting new loan products, credit cards, etc.
If you have a low credit score below 600, you will need to find a subprime refinance lender, who works with people with bad credit, whether it is due to poor debt management or a history of Chapter 7 or Chapter 13 bankruptcy.
Not all subprime lenders are created equal. The best lender is a lender, who is willing to look at your specific situation and find you the best loan product. Even though, you may have a low credit score, you may also have good equity in your home. Some lenders even offer up to 125% LTV (Loan-to-value) loans, if you qualify.
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Research recommended a target=_blank target=_new href=http://www.southpointloans.combad credit refinance loan lenders/a at the a target=_blank target=_new href=http://www.southpointloans.comSouthern States loan resource guide/a: a target=_blank target=_new href=http://www.southpointloans.comhttp://www.southpointloans.com./a
Alexandra French writes about mortgage loan products and specializes in mortgage loans for residents of the southern states: Louisiana (LA), Georgia (GA), Maryland (MD), North Carolina (NC), South Carolina (SC), Kentucky (KY), Texas (TX), Mississippi (MS), Tennessee (TN), Alabama (AL), Arkansas (AR), FLorida (FL), West Virginia (WV), Virginia (VA) and Missouri (MO).
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