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The following article was published in our article directory on December 5, 2012.
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Article Category: Real Estate
Author Name: Auhor
Miss your payment deadlines and tarnish your credit history. Who cares? You should. A poor or bad credit history may affect your chance to be accepted on loans you would apply for in the future. If you are unfortunate who made the mistake not to take care of your credit record, you can still purchase a property through a mortgage loan. There are several lenders who offer bad credit mortgages. Don t be too hasty on applying for one. Here are some of the things that you should know about it.
Mortgage for Someone with Bad Credit History
A bad credit mortgage is also known as adverse credit mortgage. It is designed for people who have a bad credit history. It allows them to still purchase a property through financing or loan even if they have a poor credit score. The adverse credit mortgages are relatively new and were offered due to people's demand.
Bad Credit Mortgage Is Not for Everyone
Just because you have a bad credit history doesn't mean you can apply for bad credit mortgages. The lenders still have a list of qualifications. They also consider the age, employment status, income, and current financial obligations in determining someone's ability to repay. There may be other criteria depending on the lender. However, these lenders that offer a bad credit mortgage and other financing programs overlook the borrower s credit score. The typical lender would usually decline the application for loan immediately after seeing the credit score.
What s in It for the Lenders
Most lenders would not approve loan applications from individuals with bad credit score. Why do these lenders provide a special mortgage? What is in it for them? The truth is that the lenders that offer bad credit mortgages are at risk more than the lenders that don't. Because of the higher risk, these lenders are inclined to apply a higher interest rate. Normally, the interest rate may shy away the borrower but there are no other options in most cases. In fact, this kind of mortgage is the last option when someone has been rejected by all regular lenders.
Using a Broker
Most people who are looking for bad credit mortgages would find it hard to locate them. Most lenders that offer such kind of mortgage do not deal directly to the public. Normally, your only option is to find a broker.
Using a broker to get a bad credit mortgage is also advantageous as the broker can find the mortgage that suits your needs. You will find brokers who deal only with bad credit mortgage while others work on a mixture of bad credit and typical mortgages.
The bad credit mortgages give hope to those who have poor credit yet want to purchase a real estate property. It is similar to a regular mortgage but without the credit score in the criteria. Not all lenders offer such kind of mortgage and those who do don t usually deal directly to the public so people have no other option but to use a broker. Before you run to one, note that the lenders who offer a bad credit mortgage are at higher risk so they apply a higher interest rate.
Keywords: Mortage Financing, Financing, Home Equity Loans ,Bad Credit Mortgages ,Poor Credit Mortgages, Self Employed Mortgages
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