Financial emergencies come every once in a while. And if you do not have cash that you can readily pull out from your bank account, you have no place to go but to put your assets on the line. And most of the time, it is your home that is in danger. However, getting emergency fund using your home as collateral might be a smart move at the same time, a dangerous one.
Why smart?
As compared to other types of bad credit loan particularly the unsecured loan, bad credit mortgage can have lower interest rate since the lender will certainly retrieve the money you borrow from them in case you were not able to pay them in cash. They will simply have to repossess your home.
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Another good thing about bad credit mortgage is the option.
Now, most unsecured loan vehicles can only cover particular price bracket. Mortgage will certainly take you further in terms of financial relief. This is because borrowers can give you 2 options: the Home equity line of credit (HELOC) and the fixed-rate loan.
Home equity line of credit (HELOC) or simply known as home equity provides you with a loan equivalent to the amount of equity you have in your home. This type of loan works like a credit card wherein you are provided with a credit limit that serves as your revolving fund. It allows you to spend the amount you want provided that it is within your pre-determined credit limit. Some borrowers will even give you a card that you can use as a means of purchase.
The fixed-rate loan on the other hand works like a traditional loan. This is more often called second mortgage. When you apply for this loan, you will receive a lump sum payment that is equivalent to your equity. This loan is paid back under a determined time and fixed amount. What is good about this loan is that you will pay a uniform amount throughout the payment period regardless of the inflation or economic situation. This loan can be used best if you are trying to consolidate your debt or need to pay a big amount of debt.
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