Buy a Mobile Home with Bad Credit

Bad Credit Mobile Home Loans
By Jacob Smithston

Do you have bad credit? Are you looking to purchase a home but keep being turned down? You may want to consider a bad credit mobile home loan. This type of loan requires just proof that you
are working and that you have a bank account. It can allow you to get a mobile home and have a
home of your own and allow you to help fix your credit.

You can significantly affect your credit. A mobile home loan works the same as any other home
loan, though usually the terms are much shorter since mobile homes tend to have a shorter life
span than regularly constructed homes. However, if you are on a tight budget and have bad credit
a mobile home can be a great way to be able to own your home and they are usually significantly
cheaper some can go for the price of a down payment on a regular house. This means if you are
budget conscience, you can still get your own home for a price you can afford.

There are a couple of things you will need to bring with you when you go to apply for a loan,
first is the past two years worth of taxes, this shows your financial history anyone who is going
to give a loan is going to want to know you’ll be able to pay it back even with bad credit.
You will also want to bring with you recent pay stubs to show that you are currently employed.
This will give the lenders you are looking at a good idea of your financial situation and they
can make sure to give you a loan that is going to fit in your budget. A bad credit mobile home
loan can help you repair your credit.

Written by Jacob Smithston. Find the latest information on mobile home loans as well as bad credit mobile home loans

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Home Equity Loans

Home Equity Loans Make Financial Sense

By: Mike Hamel

The optimum word in "home equity loan" is equity. Start with the fair market value of a home, subtract the mortgages (first and second) and any liens against the property, and what you have left is the equity. This equity can be used as collateral to secure cash in the form of a loan or mortgage.



The amount borrowed is based on a percentage of the appraised value of the home. The percentage rate can vary from 75% to 125%. The length of the financing will also vary. The two main types of home equity loans are fixed rate loans and adjustable rate loans.



Fixed rate loan - provides a fixed amount of money at a fixed rate of interest, repayable in equal payments over the life of the loan. Fixed rate financing costs more in set-up fees and comes at higher interest than adjustable rate loans. But if homeowners stay put and interest rates go up, they will save money over a comparable adjustable rate loan.



Adjustable rate loan - the interest rate goes up or down according to the index upon which it is based. Adjustable rate loans will have a cap on how high the interest rate can go. Usually called ARMs (Adjustable Rate Mortgages), this type of loan has lower up-front costs and starts at a lower interest rate than fixed rate financing. This means lower initial monthly payments.



Putting home equity to good use

According to the Consumer Banker Association, the top ten reasons for getting a home equity loan are:

10. Vacation

9. Medical expenses

8. Business expenses

7. Household expenditures

6. Investment

5. Major purchase

4. Education expenses

3. Automobile purchase

2. Home improvement

1. Debt consolidation

Debt consolidation, the most popular reason people cash out their home equity, is a smart form of financing because of the money it can save. For example, say you owe $15,000 on a credit card that charges 17% interest. If you get a debt consolidation loan at 9% interest and pay it off in five years, you'll save you over $30,000!



If you're paying more than 15% interest on anything, you should seriously consider a debt consolidation loan. The right terms could drop your monthly payments by 35% - 50%, depending on interest rates, origination costs and tax consequences.



Even for people who have bad credit or who have filed for bankruptcy, a home equity loan is not out of reach. It can be a good way to make a fresh start. Websites like www.easyhomeequitymortgages.com help borrowers with bad credit get the home equity loan that best fits their unique situation.

Author Bio

Mike Hamel is the author of several books and the Senior Writer for AIM Techs (www.salesandmarketingllc.com), an Internet marketing company that specializes in improving visitor-to-sale conversions using proprietary software and advanced SEM techniques.

Article Source: http://www.articlegeek.com