VIEWS: 56 PAGES: 1 CATEGORY: Debt & Credit POSTED ON: 3/11/2011
For those who want to purchase a new home or refinance your present mortgage to get money-out, but are apprehensive as to whether or not you'll qualify for a mortgage
Bad Credit Mortgage Loans - Is It Good or Bad? For those who want to purchase a new home or refinance your present mortgage to get money-out, but are apprehensive as to whether or not you'll qualify for a mortgage on account of a poor credit history, don't despair...bad credit mortgage loans are available for individuals just like you. Bad credit mortgage loans also called sub-prime home loans are offered by selected lenders who specialize in these types of mortgage loan programs. These lenders do not observe the same typical pointers as traditional banks and credit score unions. Their tips allow for credit score mishaps which can be considered taboo with conventional home loan lenders. What this implies for you as the borrower, is that if you apply for a home mortgage with a sub-prime mortgage lender you could have an important likelihood of receiving mortgage approval although you might have a less than stellar credit history. Bad credit mortgage loan lenders are actively searching for people with credit problems and they have buckets of money to lend! Sub-prime mortgage programs can be found for individuals who have the following kind of derogatory things in their credit history: bankruptcy, foreclosures, judgments, late payments and collection accounts. Relying on the severity of your credit problems, you more than likely will have to pay the next interest rate with an adverse credit sub-prime mortgage as opposed to a conventional loan. Many people with bad credit get hold of a very bad credit mortgage loan and use this as a stepping stone to rebuilding their credit history. Then, after 2 - 3 years, as soon as they have cleaned up and re-established their credit, they refinance to a decrease rate of conventional loan. Not all lenders supply bad credit mortgage loans. Ensure that the lender you're considering offers sub- prime mortgages prior to applying with them. You'll save yourself time and hold unnecessary inquiries off on your credit score report.
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