It is true that a poor credit score generally leads to more difficulty in securing mortgage loans, auto loans and other lines of credit. However, having a low credit score does not mean that you cannot get a mortgage loan, refinance loan, auto loan, auto refinance loan or a credit card – you can.The key to finding financial products, when you have a low credit score, is to do your research and take advantage of all the resources available to you. Don’t be shy about getting free loan quotes or calling your neighborhood broker and explaining your situation.If you are a homeowner, who has equity in their home and looking for a home equity loan or home equity line of credit to consolidate your debts, refurbish your kitchen, add on a patio, continue your education or start a new business – you will need a subprime home equity loan or subprime home equity line of credit (HELOC) lender’s assistance.Subprime refinance loan lenders are the opposite of prime refinance loan lenders. While prime refinance loan lenders serve “good credit customers”, subprime refinance loan lenders, specialize in serving consumers with less-than-perfect credit. The two are not mutually exclusive. Many prime refinance lenders also service subprime loans. After all, the subprime mortgage loan market is a large segment of the population and the mortgage industry is extremely competitive.Subprime home equity loans and subprime home equity lines of credit are offered at higher interest rates but this is to be expected and should not deter, you from getting a refinance equity loan.
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