A good credit score equals easily obtainable loans from banks when you need it. Right? Yes, but does that mean people with bad credit scores because of unforeseen circumstances can never get loans again? There are private mortgage lenders who provide home equity loans and asset-backed loans to those who have low credit ratings. So do not despair. Providing a concrete plan on how to use home equity loans to improve your financial position and bring up your credit rating, while at the same time saving money, are angels called private mortgage lenders. Unlike banks for whom income and credit are the fundamental considerations, for private mortgage lenders of bad credit, it is equity that plays the major role in deciding whether your loans are authorized by private mortgage lenders.

Bad Credit House Financing or FHA mortgage is what the FHA, the Federal Housing Administration, lends to people with low credit ratings. It is difficult to get home loans with bad credit. But the FHA lets borrowers with credit scores of 500 or higher to qualify for insured home mortgages with their tolerant conditions for providing loans. While the current fixed mortgage rates in Wells Fargo is 4.125 % for a 15 year period, 4.375% for a 20 year period, and is 4.500% for a 30-year mortgage, the rates in Bank of America are slightly different. For a 15 year fixed mortgage, rates start at 3.875% and increase to 4.125% to a 20-Year period and is 4.375% for a 30-year mortgage.

While Wells Fargo is the largest money lender in the United States, the other top mortgage lenders and mortgage refinance companies are: JP Morgan Chase, Quicken Loans, BB&T, US Bank, PNC Mortgage, Freedom Mortgage Corp, Caliber Home Loans, SunTrust Mortgage, United Wholesale Mortgage, The Federal Home Loan Mortgage Corporation, Lending Tree, Citi Mortgage, Network Capital and Home Bridge.

The best mortgage lenders of 2017 for first-time homebuyers were: Quicken Loans, Social Financial, or SoFi, Better Mortgage, Supreme Lending, Bank of America, Chase Mortgage, Citi Mortgage, PNC, U.S. Bank Mortgage and Wells Fargo Mortgage.