It is said that credit problems such as arrears, bad debts, late payments, individual voluntary arrangements (IVAs), former bankruptcy, and County Court Judgments (CCJs) will mean that one in four people will have problems obtaining credit from traditional mortgage lenders. If you are self-employed or running your own business, you may find it hard to obtain a loan, even if you have a good credit history, especially if you haven't been in business for long and are unable to provide three years' worth of business accounts to prove your income. If any of these scenarios describe you, you need to find a mortgage lender that works with non-prime credit to refinance high-rate credit cards under a sub-prime debt consolidation loan.
Many people think that debt consolidation lenders will not let a first-time homeowner secure loans for debt consolidation, especially one with damaged credit or an unpredictable income. But, that's not true. First-time homeowners can also benefit from debt consolidation loans for bill consolidation and secured debt consolidation including auto loans and home equity loans (second mortgages), even if they don't meet traditional underwriting requirements.
Consolidating revolving debt to pay off credit card debt will not only let you save money with lowered interest rates and lower payments, it will also raise your FICO credit scores. According to myFICO.com, paying down your credit cards by 34% could raise your FICO scores by 20 points. Imagine how much your scores would rise if you paid them entirely. Just don't close the accounts. myFICO.com indicates that credit history makes up 15% of your scores. Closing accounts makes your credit history appear shorter, and your debt ratio appears higher, which can hurt your scores.
Similar to other refinance and debt consolidation loans, sub-prime lenders offer fixed rate consolidation loans, adjustable rate loans and 2nd mortgage loans. Secured debt consolidation is an excellent way to refinance high-rate credit cards, personal loans and other debts into one, easy-to-manage payment. We suggest you speak with a subprime mortgage lender today while rates are low and the guidelines are aggressive.
If the rates on your 1st mortgage are low, fixed-rate debt refinancing or any other mortgage refinance may not be financially prudent. But, you can still enjoy the results of lowering monthly payments and improving FICO scores by consolidating your bills with a second mortgage. Speak with your lender to determine the best solution for your needs.
Less Paperwork is better! Nationwide provides great 1st & 2nd loan product features like Home Loans with No Income Verification.
Un-strap yourself from revolving debt! In many instances, refinancing high monthly payments and adjustable interest rates can put more money in your pocket. See how much our lenders can save you every month. Take a minute and fill out our easy loan form for a free quote with a loan professional associated with Nationwide Mortgages.
Debt (creditors) |
Balances (Totals you owe) |
Monthly Payments |
| Amex | $10,500 | $220 |
| Master-card | $6,800 | $210 |
| Visa | $5,700 | $188 |
| Home Depot | $4,500 | $120 |
| Sears | $3,250 | $88 |
| Mortgage | $310,000 | $1,905 |
| Total | $340,750 | $2,731 |
| New Loan 4.75% Rate |
$342,000 | $1,775 a month |
| This loan would save this borrower $956 a month or $11,472 a year! APR 4.96% wit $1,999 in closing costs on $342,000 loan on 11-10-10. Applicants need a credit score of 660 with a debt to income ratio under 45%. | ||

Select a State and Nationwide Mortgages will help you get interest rates for the local areas selected.
Don't let your past credit low scores restrict your cash-out refinancing options.
Refinance or add a second mortgage to help your credit score rise and will often increase your credit scores with timely payments.
Ask About New Subprime Loan Programs
Nationwide Home Equity recently introduced some enhanced debt consolidation products that are helping more consumers get qualified. With more flexible underwriting and credit standards that allow lower credit scores, now is the time to get a free quote.
* Subprime Home Loans for People with Bad Credit
Equity Loans now available-580 Credit Scores for qualifying loan applicants w/ primary residence.
* Full-Document Mortgages up to $2,000,000
* Stated Income Home Loans up to $1,000,000
Underwriting approvals has been reduced to 24 hour for most of the second mortgage products.
Online 2nd mortgage and debt loan programs approvals as fast as 10 minutes.
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Nationwide offers no cost home loan quotes for people seeking refinancing, home equity, purchase mortgages in the United States. Our affiliated lenders will review the credentials of applicants with all types of credit on FHA, VA, Fannie Mae, Freddie Mac and jumbo products. Not everyone will be approved nor can loans be guaranteed online. This website has no affiliation with any government entities. Filling out this form puts you under no obligations. Mortgage rates and home loan programs are subject to change without notice. There is no application fee from participating lenders or banks. This is not an advertisement for credit. This is not a commitment to lend. Certain state restrictions and requirements may apply.
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