When you find yourself in need of some extra money to pay your bills or make a major purchase, you may want to seek out somebody who has been there before – someone wise who can walk along side you and point you in the right direction.The need for wise advice during times like this can become even stronger if you have a bad credit score. Everybody knows that your credit score can mean the difference between qualifying for a low-interest loan and getting no loan offer at all.Anybody looking to qualify for a second mortgage loan knows that this is one of the smartest, cheapest ways you have at your disposal to get the money you need. Of course, to qualify for this type of loan, you will need to have some equity in your home.But, how will you confidently and wisely navigate the path toward getting your loan funded if you have a low FICO (credit) score? It may be time to seek out the wisdom of others.If you want to know how to find bad credit second mortgage loans, here are 5 bits of wisdom:1. Estimate your new second mortgage payment:Before you get started down the path of applying for a second mortgage loan, you should consider carefully how this new loan will impact your financial life. The best way to do that is to estimate two things: a. your new second mortgage payment, and, b. the monthly cost of interest on the loan.2. Figure out how much money it is costing you each month by NOT getting a second mortgage:Now, compare that to whatever higher-interest debt you may be planning to pay off with the money from your new second mortgage loan. For example, if your new second mortgage payment will be $200/month and the payments for the portion of your credit card debt that you will be paying down with the money from you loan is $350/month, then the new second mortgage will give you an additional $150/month in cash flow. Another way to look at it is: every month you delay in applying, you are costing yourself $150/month in cash flow. (note: next, do a similar calculation for your interest savings with the new loan).3. Go forward with selecting 5 lenders to work with:Now that you know what this new loan is worth to you, go out and find at least 5 bad credit second mortgage lenders to possibly work with. Most of these lenders have years of experience granting loans to people with a rocky credit history.4. Carefully check out the website of each lender:Now, before you start applying, carefully review the website of each lender on your list. Look for indications that they are credible in things such as customer reviews and number of years in business.5. When you apply, be sure to request quotes for comparable second mortgages:When you start applying for loan offers, make sure you request the same loan terms (i.e., same amount borrowed and same repayment term) from each lender.Consider these 5 bits of wisdom as you find bad credit second mortgage loans.
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