Bad Credit Mortgages – Be a Homeowner despite Bad Credit

2007-03-08 10:33:40

( Financial )



If having a bad credit history is stopping you from applying for a home mortgage loan, then it is time to get rid of your worries. Even with adverse credit, you can still realize your dream of owning a home. You can apply for bad credit mortgages, which are loan programs specially created for people with credit problems.

With the growing market for bad credit mortgages, many lenders now offer more flexible loan products in order to serve needs of borrowers in any situation, including those who have filed for bankruptcy. A bad credit mortgage is a great option if you have a poor credit history but your financial situation has changed and you can now afford making mortgage payments. There is a good chance you will qualify for a bad credit mortgage if you have a stable source of income, sufficient funds for a mortgage down payment and the house you are buying has a reasonable price.

Naturally, prime mortgages offer better deals than bad credit mortgages. It is very unlikely that a bad credit borrower will get the same rates and terms as a person with good credit. However, you will still be able to find competitive bad credit mortgages. You can work with a reliable and experienced mortgage broker who can help you secure affordable rates.

The smartest move would be to look for mortgage lenders, also known as subprime lenders, who specialize in bad credit mortgages. You can start your search on the internet or you can ask people you know for recommendations. Get several quotes from different bad credit mortgage lenders and compare loan rates.

It is important that you choose a mortgage loan with a monthly payment that you can afford to repay. Defaulting on your mortgage payments will further damage your credit record. Making timely payments on your bad credit mortgage is necessary so you can gradually re-establish a good credit standing.


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