Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Bad credit mortgage is easier to obtain with Credit Advantage from Argent

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July 06, 2005

Bad credit mortgage is easier to obtain with Credit Advantage from Argent

Bad credit mortgage is what my clients needed and needed badly.
His FICO score was 497, 508 and 526. Her credit score I am afraid to mention - 411, 465, 471. They owed around $38,000 in credit cards and seriously considered Chapter 7. The monthly payments were about $4,200 a month with all sorts of late penalties and fees. The interest rate they were paying was roughly 16%.

The only way out was to use their house and so we did with cashout-refinance. They got tax-deductible interest of 8.65%, no prepayment penalty with Argent's Credit Advantage mortgage.

Argent takes the highest credit score, 526 in this case, not the middle one. You have to verify income. Maximum Loan to Value was 85% in this case.

Anyway, new mortgage monthly payment is only about $900 more than the previous one. The total $38,000 in credit card debt was paid off at closing.
Check out Argent at http://www.argentmortgage.com

Posted in Mortgages at July 6, 2005 10:25 PM

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