hello everyone this is Greg with bad creditassistance dot com financial solutions for peoplewith less-than-perfect credit this is a quick videoon to subject that gets searched on a lot and that isrefinancing a home are youa home owner insisted in refinance with bad credit. Getting a equity or a second mortgageplay you have bad credit maybe even a bankruptcyon your record there are companies to have mortgages specifically forhomeowners with less than perfect creditthis means even with damaged credit you may still beable to get asecond mortgage or refinance with bad creditand we know that to d sternem skin used a lot to get useinterchangeably and it does cause some confusionso I do want to quickly go over onway each one means nowhome refinance is very much like it soundsyour existing on the hands
completely replaceand you get a brand new mortgagefor example five years ago he bought a homeit was valued at a hundred thousand dollars and you get a thirty-yearmortgagefour hundred thousand dollar now the interest rates are much lowerdamn what you have we originally got them there for you when you get a wholenewloan at to slower rate you've had a home for a few years so the balance on themortgage nowis 95 thousand dollarscell this existing mom is gonna be completely paid offyou gonna start are over again with a brand newthirty-year mom for to ninety five thousand dollarsdis is to benefit aobtaining a refinance and mainly what people meanwhen they say hand refinancenow home equity loanis only for the excess difference between the balancea bill mom your current num anto current value the home for example we're gonna take that samehundred thousand dollar mom mortgage that you get five years agothe balance is now 95,000as worsened previous examplebut the hand itself is we're100 and five thousand dollarsso the difference between 95008 youI'll and a hundred in five thousandthat the home is worth is a ten thousand dollar differenceand that is the equity in the homeso with a home equity loan you gonna leave dead existingninety five thousand dollars alone gonna lead to complete the in placeand you're going to get a completely separate momfor any amount up todebt 10 thousand dollars that is a hand equity loanand for some peoplelet's say you have really really good credit whoever's loaning you that moneymay just establish an accountthat you can go at anytime and getup to debt ten thousand dollars that's called inequity line of credit so they can establish step for youyou may go get just a thousand dollars at one timeyou may go a few months later and get another couple a thousand dollarsyou can get as much as you nianytime you want up toten thousand dollar limit so that is a home equity momand a home equity line of credit and then a second mortgage happensif to finance company that gave you thathome equity loan house papers at the local courthouse your localcourthouse to recording not to recorda lien against your handas collateral for thathome equity loan at TKD served and it becomesa second mortgage so essentially the same thing the home equity loanwhen someone has real perfect creditthey may not go and file that mean against thembut if you're someone that has some credit issueshas some negative things on your credit report you may still beable to get that homeequity loan because the house itself is collateraland that case they will definitely go downevery chord leavin against a home itselfin a officially be calm a second more kidsSATs Canova overview the differences betweenthree as we said before the Auguse interchangeably all the time which can cause confusionyou get a lot more information about thison our web page we're gonna put dis clickthis clip on you too and as you know on YouTube the meis gonna be directly below to video this gonna take you directly to our web pagewell awesome in a plea this clip directlyon the web page is self so if yousomehow have already found your way and you're alreadyon our page just simply scroll down and there's a lot more information belowand you see leak to a sitewhere you can applied directlyonline for home refinance a homeequity line ora second mortgage now remember simply filing the application doesn't obligateSheedyanything it doesn't commit you do anything someoneis gonna contact you ningun explain everythingto you up front and let you know where arelove you options are this is a servicethat is specifically for people to have less than perfect creditand remember our website bad credit assistance to calmhas links to free tips free adviceand much more services specifically for peoplewith less-than-perfect credit so that's itSr overview for home refinancinggetting a home equity loan if you have bad creditand we will see you on our necks credit Asushelp tips
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