Here are some hints regarding mobile home loans for people with bad credit

Hybrid Home Equity Loans Changing the Face of Second Mortgages

Applications for home equity loans and second mortgages recently hit a 15 year high. According to Freddie Mac, "88% of homeowners who refinance their homes in the 1st quarter got a mortgage at least 5% larger than their first loan." Since this was the largest increase since 1990, and the Fed continues to increase key interest rates, it is my contention that the demand for cash and the ability to finance quickly is the greatest it has been since World War II.

"The reality is that some people still believe the interest rate are under 6%,"said John Allen from Laguna Beach, California. John continued, "If I need cash for home improvements..Why wouldn't I just take out home equity loan since my first mortgage rate is under 5%." John's mentality mirrors many of my borrowers' frames of mind of late. Consumers are much more educated than they used to be about financing and taking out second mortgages. First time homebuyers don't hesitate to get subordinate financing to help them accomplish their goals. Some people like John just want to finance the construction for pool and spa, but most of my borrowers are focused on consolidating credit card debt so they can cut their expenses and have access to more money at the end of the month.

Some interesting home equity products have rolled out recently. Companies like BD Nationwide Mortgage and Ditech are offering larger 125% loans, and convertible equity credit lines. They are called convertible, because they start out as variable rate credit lines, but at any point you can convert portions of the line to a fixed rate loan, and still keep the unused portions of the line of credit open for revolving credit. These hybrid home equity loans are changing the face of second mortgage products and they offer powerful features that meet the needs of a typical family as well as the savvy real estate investor.

Lynda Nelms continues to write her popular column, called "Ask Lynda" where she offers helpful home financing tips to consumers from an experienced loan officer's perspective. She inpires a growing number of loan officers across the country with her fresh approach to home equity lending.

Currently, Lynda originates loans for BD Nationwide Mortgage, who is headquarted in beautiful San Diego, California. You can read more of her "Ask Lynda?" articles online at BD Nationwide Mortgage & Equity Loans where you will also find more information about refinancing, debt consolidation and how to finance the purchase of a second home.

For a complete look at 2nd mortgage and refinance loan options, please visit Fixed Rate Debt Consolidation Loans or go to 125 second mortgage loans to learn how to consolidate your debt without having any equity.

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More Useful Resource and Updates on mobile home loans for people with bad credit

• HOME PAGE (The Hindu)
  RBI gives banks long rope on home loans portfolio Bid to prevent assets from being downgraded on restructuring. Mumbai, Nov. 4 Anticipating possible deterioration in home loan portfolios of scheduled commercial banks (SCBs), the Reserve Bank of India has extended the guidelines pertaining to ...



• Cerberus Said to Consider Giving Up GMAC (New York Times)
  GMAC , the finance company jointly owned by private equity firm Cerberus Capital Management and General Motors , lost $2.52 billion in the third quarter, hurt by the housing slump and write-downs on vehicle leases, and said Wednesday that its mortgage unit, one of the nation?s largest home loan providers, might not survive.



• Home Diagnostics Reports Third Quarter 2008 Financial Results (Business Wire via Yahoo! Finance)
  FORT LAUDERDALE, Fla.----Home Diagnostics, Inc. , a leading manufacturer and marketer of diabetes testing supplies, today announced financial results for the third quarter ended September 30, 2008.



• What to do if your home is upside down (Bankrate.com via Yahoo! Finance)
  Negative equity is rampant. We focus on one couple's predicament and solicit advice from three financial planners.



• Pillsbury's New Brand Campaign Hits "Home" (Business Wire via Yahoo! Finance)
  MINNEAPOLIS----General Mills announced today that it will launch a major brand equity campaign for Pillsbury in time for the holiday season, drawing upon the appeal of ?home? for a national campaign hitting network and cable television, cinema, radio, newspaper, online, and out-of-home beginning November 3.



• Savvy Ways to Save Money (ThirdAge)
  With home equity evaporating like dry ice on a hot day, many Americans no longer can rely on their homes as a source of quick cash. Likewise, credit card issuers are lowering credit limits for many consumers, imposing constraints on spending.



• You can use home's equity but be careful (Everett Herald)
  Question: A couple years ago we took out a home equity line of credit. Since then, we have used it to pay for some major improvements to the home, such as a new roof, rewiring, etc.



• American Home furniture files for bankruptcy (The Farmington Daily Times)
  ALBUQUERQUE ? The Farmington American Home furniture store will remain open, but the company itself has filed for Chapter 11 bankruptcy. "Our business at the Farmington store is, frankly, quite good," said Ted Leveque, chief operating officer for American Home.



• Oil falls as Europe cuts rates (CNN Money)
  Oil prices continued to decline Thursday as concerns about slowing demand mounted and the sluggish global economy hammered equity markets.

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