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Should I refinance my mortgage (home) now? In most cases, yes. Interest rates are very low right now, and you may qualify for a finance rate that is considerably lower than what you are currently paying. Remember to negotiate with several lenders, so that you will have a better chance of getting the best terms. To see exactly how much you can save, consult an ammoritization table or mortgage calculators (coming soon!)

What are some tax benefits of owning my home? In tax lingo, your principal residence is the place where you legally reside. It's typically the place where you spend most of your time, but several other factors are also relevant in determining your principal residence. Many of the tax benefits associated with home ownership apply mainly to your principal residence--different rules apply to second homes and investment properties. Here's what you need to know to make owning a home really pay off at tax time. Read the complete article.

Are my mortgage fees negotiable? Yes. Closing costs and discount points can be negotiated. The lender will be more willing to reduce closing cost fees or require fewer discount points if the borrower has good credit and makes a substantial down payment. Be cautious of lowered fees that obscure higher interest rates or other lender benefits. Be sure to ask the lender to discuss all financing options. Chose the one thats best for you.

What is considered qualifying income for a mortgage? Retirement, veterans benefits, social security income, alimony, child support, trust income, unemployment income, rental income, self employment, overtime, night differential, holiday pay, bonuses, and interest or divident income are all examples

What are some of the loan-related closing costs? The following pertain to most buyers: Title insurance, two month's escrow (property tax, homeowners insurance, and PMI), down payment (minus earnest money), prorated loan interest, and first year home owner insurance.

What are some loan programs that have leverege? Real estate leverge means to use a small portion of an asset to buy a larger asset. Some of these include Growing Equity Mortgage (GEM), Reverse Annuity Mortgages (RAM), Graduated Payment Mortgages (GPM), Biweekly Mortgages, and Bridge Loans (Bridging).

What is a HELOC? HELOC stands for Home Equity Line of Credit.

How can I Repair my credit? We are often asked "How can I fix my credit and how can I raise my credit score?" Under the Fair Credit Reporting Act, you can dispute information in your credit file with the three Credit Bureaus and the creditor is required by law to verify the disputed information. That which can't be verified within 30 days must be removed. The best way to clean up your credit is to do it yourself.

Looking for the Best Mortgage Company? Shopping around for a home loan or best second mortgage lender will help you to get the best financing deal. A mortgage, whether it's a home purchase, a home mortgage refinancing, refinacing second mortgage loan, or a home equity loan, is a product, just like a car, so the price and terms may be negotiable. It is always a good idea to seek professional mortgage advice and mortgage information from a broker. Compare mortgages, terms and look for discounts! By shopping around, you may find very cheap mortgage deals and perhaps loans with no closing costs (no money down payment). If you have good to excellent credit, your savings will be even more.

Answers to Your Questions About FICO® Scores What are credit scores? How are credit scores calculated? How do lenders use my credit score to evalutate my credit worthiness? Answers to many frequent questions concerning Fico credit scores written by the credit scoring experts at MyFico.com®

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From the Learning Center

How To Establish Credit

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Bad Credit Personal Loans and Credit Cards

Bookmark us now and visit us in the future! We update mortgage rates weekly and continue to add content! Visit the new, expanded Learning Center for answers to some of our frequently asked questions, consumer credit articles, mortgage and refinance tips, auto and home mortgage calculators, and loan amoritization calculators. Credit Champion continues to grow.

Mortgage News: January 13, 2005 - Mortgage rates fall - According to finance firm Freddie Mac's Primary Mortgage Market Survey, home mortgage rates fell this week. Rates are still extremely low, despite a slight increase during the previous few weeks, and this remains an excellent time to refinance. 2005 is expected to remain an excellent year for refinancing. Average rates around the US are now 5.74% for a 30-year fixed, 519% for 15 FRM, and 4.10% for ARMs. The next rate update is expected January 20, 2005. Coming soon--Weekly mortgage newsletter!

Credit Cards and Loans for People with Bad Credit

$10,000 Signature Loans

Stop Foreclosure

Home Equity Loans

Mortgage Loans - Refinance

Behind on Mortgage Payment

Business Credit Cards

Car - Auto Loans

Debt Consolidation

Student Credit Cards for College

$500 Overnight Loan - Bad Credit Loans

Borrowing Options Explained

The Tax Man Commeth! Use your home's equity to pay your 2004 income tax!

Tax Season Tip: Use your home's equity to pay your 2004 income taxes. Many people pay their liability on credit cards or through a tax plan with the IRS. However, you can save money by using a home equity line of credit (HELOC) financed at todays very low interest rates. Furthermore, the interest you pay on a home equity line of credit is generally deductible on your federal income tax return if you itemize your deductions next year.

California Refinance & California Mortgage - Several media sources report that the housing market in California continues to surge and that the housing market will remain strong over the next 12 to 18 months. According to the California Association of Realtors 'State of the Housing Market 2003' Report, 2003 was the best year on record. According to the C.A.R., the median price of a home in California in 2003 was $375,000. First time buyers occupied 30% of the market, and tended to rely on savings or loans for down payments.

Home Loans - Mortgage Loans - If you don't currently own your own home and are still renting from a landlord, consider the potential savings. First and foremost, your mortgage payment may very well be the same or even lower than your rent and you will be paying toward your own equity. Owning a home is an investment that you will always have working for you. There has never been a better time to take on a mortgage and stop paying rent. Additionally, the interest you pay on your mortgage is tax deductible and the savings is enormous. Some term incentives may include no points, low closing costs, free appraisals, cash back, and waived processing fees. For most of our high risk mortgage lenders, your social security number (SSN) is not even required on the initial application. However, it will be asked for during the final loan process at a later date. This is so a credit check can be submitted and your profile created.

Refinancing Mortgages - It is a good idea to re finance your house at the current rates. We have several bad credit mortgage lenders who will work with you to find the best rate on first trust deed no cash out (or 1st trust with cash), second mortgage loans, refinance mortgages, home equity refinancing, cash out refinance, FHA streamline refinance. If you have a bad credit record and are looking to refinance your home, visit one of our featured lenders and apply quickly and easily on line for a bad credit mortgage loan, cash out signature loans, 125 percent home equity loans, home equity line of credit (HELOC), or raise extra cash through refinancing mortgage from America's Lending Partners and their network of poor credit - sub prime lenders.

Home Equity Loans - Equity loans (called home equity line of credit) differ from regular refinancing because they do not disturb the existing first mortgage. Addionally, they do not require the best of personal financial profiles. Since these loans are not sold to the secondary market, lenders can accept a higher risk. Therefore you can obtain a personal credit line even if you have less than perfect credit. If you have good to excellent credit, you may consider a 125 percent mortgage (personal credit line). These are 1st and 2nd morgages that total up to 125% of the property's market value.

Auto Loans & Auto Refinancing - With MyAutoLoanFinder, you can quickly apply online for a new or used car or truck, or even a motorcycle loan. We will match you with high risk lenders who specialize in car loans, truck loans, motorcycle financing and rv loans...even for people with bad credit. Approval for these car loans is very quick. Check out or auto financing and auto refinance loans today.

Credit Card Applications - If you have bad credit problems, you have probably had a difficult time obtaining an charge card or unsecured credit cards. It takes up to seven years to erase bad credit. So the best way you can begin to build or rebuild credit is to obtain credit. This may sound like a contradiction, but there are lenders who will grant credit to high risk consumers. Once you have the credit card, your proper use is reported to the credit bureaus. Just try to keep your balance below 45% of the available credit limit. Checkout our list of unsecured credit cards for people with bad credit, and unsecured Visa credit card offers...some with instant approval, including internet catalog cards (so you can shop online), merchant credit cards, and credit for college students. Most people with low Beacon scores or no credit history established with the three credit bureaus begin the credit repair process by using guranteed prepaid credit cards (no employment verification or checking account required, low income ok) or low credit limit unsecured credit cards for people with bad credit. Most secured credit cards featured have guaranteed approval, once you mail in your prepayment deposit. Our directory of easy qualifying cards includes My Credit Card Finder, Eufora Credit Card, and the Orchard Card from Household Bank. Compare credit cards, fill out an application, and get an instant credit decision today!

PaydayLoans - Unsecured Loans - Do you need a loan but have bad credit? Did you know that you can cash your next paycheck online before you ever get it? If you are running low on cash, you can actually borrow up to $500 until payday and get the funds within 24 hours. This is called a payroll loan or deferred deposit. Our lenders will wire $100, $200, $300, and up to $500 into your checking account overnight... with no credit check. No collateral and no cosigner for these unsecured personal loans for people with bad credit. If you complete a loan application now, you will usually get a response within 30 minutes. And in most cases, approval is guaranteed if you make at least $1000 a month. Bankruptcy, poor credit, bad credit ratings, and no credit are no problem with these hard money lenders. You can use your pay day loans for any purpose: gifts, purchases, vacation, travel, wedding, car repair, emergency, holiday spending, taxes, pay bills, cover checks, groceries, utilities, insurance, or even pay rent. So what are you waiting for?

Debt Consolidation - One way to improve your credit is to pay off debts. Lenders advise that keeping a high debt to income ratio will adversely affect your credit rating. You should lower your debt ratio to below 45%. That is, reduce your balance on all revolving credit accounts to below 45% of the available credit limits. This is one of the most effective ways to raise your credit score. Here, you can obtain immediate consolidation debt relief from one of our personal finance and debt management consultants. The service includes debt elimination, student loan relief, debt cons, credit card bill consolidation loans, Christian Debt Consolidation, or obtain consumer credit financial counseling and consultation. If you are experiencing financial troubles, now is the time to consolidate all of your debt in to one easy payment. If your debts exceed $10,000, you can use our new debt settlement and debt negotiation services to settle your unsecured debt with your creditors. Through settlement, you can negotiate your payoff amounts and even the annual percentage rate (APR). By doing this, you can get out of debt and become debt free in half the time. Need money to consolidate credit card debt or high interest student loans? Use our debt consoliuation services to pay off bills, consolidate your credit card debt, and get harrassing creditors off your back permanently. The payment plans that will be developed during credit and debt counseling may help you to eliminate your debt in a matter of months (as opposed to years). If you are a homeowner, it is very smart to pay off bills with a homeequity loan. With interest rates at a 40 year low, home owners can save thousands of dollars by paying off high interest debt with home equity.

Stop Foreclosure - Foreclosures are at a 30 year high. If you are behind on your mortgage payments, and you are at risk of your home being foreclosed, we give you two great options. You can avoid bankruptcy by becoming current on your mortgage.

For residents of the United Kingdom, we now have personal loans UK and UK credit card applications with credit limits up to £20,000. Featuring...the UK Accucard, as well as Capital One UK MasterCard. We have also just added UK lenders of adverse credit mortgages, remortgages, and buy-to-let mortgages (adverse credit mortgages are often referred to as sub prime, non-standard, or non-status mortgage and remortgaging). Some of our merchants will consider circumstances such as CCJ's (county court judgments), mortgage arrears, and self employed with no proof of income, and zero or negative equity. We recommend using credit cards that provide fraud detection with quick resolution.

A Few of our Most Frequently Asked Lending Questions

What are some benefits of refinancing?

By refinancing your home, you can take out extra cash from the home's equity and consolidate debt. You can pay for college education, pay medical bills, or pay off high interest credit card debt and other bills. Remember, you are paying much higher interest rates on credit cards than you will be on your home equiy loan.
Purchase a new car. Yes...you can use your home's equity to purchase an automobile. This is actually a smart move if you are able to get a lower interest rate on your home equity loan than you can on an automobile loan.
Home improvements. With your cash out refinancing, you can remodel your home, make repairs, or landscape your yard. Home improvement loans are very smart ways of using your home's equity to help increase your home's value.
You may want to refinance your adjustable rate mortgage (ARM) to a fixed rate mortgage or a new ARM with better terms

"If I am self employed, how can I get a mortgage loan" If you are own your own business, borrowing does not have to be difficult. Although you may be required to provide additional documentation. Since income is tough to verify, self-employed applicants may be required to show previous tax returns and profit-loss statements. You may be required to put more down. You may opt for a 75 percent first mortgage, a 10 percent down payment, and have the seller or lender carry 15 percent of the purchase price in second mortgage financing. This is called 75/10/15 financing. By doing this, you will also sidestep the cost of private mortgage insurance (PMI) with lower rates and points. You may also opt for seller financing, or apply for a business loan (using a commercial loan) to fund the purchase. Most likely, the loan will be a short term adjustable loan (10 to 15 years), but the borrower can negotiate a roll-over option with the lender. A final option would be to borrow against assets such as certificates of deposit, stock, life insurance, etc. By doing this, you keep the asset while pulling the cash out. This is called a pledge asset mortgage.

"I have got horrible credit Can I still qualify for a conventional mortgage?" Even if you feel like your credit is ruined, and have major credit glitches such as bankruptcy, charge offs, collection, repossessions (repos), poor mortgage credit history, excessive slow or late payments (past due payment), public record postings, excessive credit inquiries, rejections, bankruptsy, and/or foreclosure, borrowers can still qualify a mortgage. Rather than obtaining the funds from secondary markets (standard mortgages), a lower-rated loan called "subprime loans" is granted. Subprime means a category of loans made to borrowers with damaged credit. Keep in mind, the larger the down payment, the weaker your credit can be. Apply from one of our lenders. Most likely, you will be appoved. Our lenders go to great lengths to match you with the appropriate funds and terms. It is always a good idea to keep up with your credit report to make sure the information is complete and accurate. Report fraudulent activity (credit fraud and/or identity theft) to the credit agency so that an investigation can lead to a correction of the errors as soon as possible.

What are some of the various types of mortgages? There are many types of mortgage loans. They include new home purchase (first mortgage), balloon mortgage, conventional (fixed and adjustable rate mortgages - ARM), Jumbo, start-up, two-step, Federal Government (FHA mortgages & VA loans), RHS (Rural Housing Service - for elderly and those 62 years of age or older), mobile home loan (manufactured homes), real estate property and construction loans, & second chance bad credit mortgages. You may also qualify for a low doc or no doc (low or no documentation) loan if you plan to put down 25% or more. In this case, some of the documentation requirements are waived, like income verification. Incidentally, first time buyers can use monies from IRA and KEOGH plans to make a down payment on a home. First time buyers can withdraw up to $10,000 penalty-free for a down payment or to cover closing costs.

Credit Tip: Consider paying your tax bill with an unsecured bank loan or funds drawn from a home equity line of credit. The interest you pay on a home equity line of credit is generally deductible on your federal income tax return if you itemize your deductions. Since interest rates are so low, you can save hundreds (if not thousands) of dollars by paying your taxes with home equity, rather than with a credit card or through higher-interest-rate financing with the IRS (installment payment agreement). Most of the lenders we have chosen to work with consider adverse credit and low credit scores with no problem.

Credit Tip: Under certain circumstances, you are entitled to a free credit report. Read our article on how to obtain your free credit history. Identity theft is at an all time high and continues to grow. Identity theft is causing terrible credit problems for millions of unsuspecting people each year. Knowing what is in your credit file is the smartest way to stay ahead of the crooks who leach off of our society. In our article, we explain when you are entitled to a free credit report and how to get it.

Visit the Learning Center for more articles, FAQ, and consumer credit tips/advice!

Disclaimer: CreditChampion.com is a directory of lenders. We try our best to keep the data and terms current. However, because of the changing financial market, along with the ever changing lender rules and guidelines, the bulleted highlights describing each lender may not always be up-to-date. The lenders will be able to give you complete and accurate information regarding their services and terms once you get to their respective websites. We are not responsible for lender decisions since we are simply a directory and are not involved in the lending process. The information you submit in the online application is seen only by the lender and no one else. Email Inquiries about your application should be submitted to the respective lender. For additional information, please see our Privacy Policy.