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Bad credit mortgage - Sometimes bad credit history can be rewarded...
When you have bad credit you wonder what lenders will offer you
for a mortgage deal on your home. The big obstacle, as you know,
was your bad credit history. To add to the all the fears, there
were a few pals of yours who held that the deals offered to you
will not be as good as regular mortgages.
However, before you decide not to mortgage because of bad credit
history, let me say, mortgage lenders generally do not give much
importance to bad credit history. Through this article, we will
inform borrowers of bad credit mortgages which are basically
mortgages for the people with bad credit history and the options
for bad credit.
Ok! Why is it that mortgage loan providers ignore bad credit
history while offering bad credit mortgage? Is it because they
don't fear for payment? Well, fact of the matter is that most
borrowers with bad credit history do pose a higher risk on the
loan. Will the borrower default this time? Who really knows!
Therefore, how will loan providers agree to lend to borrowers
with bad credit history is really hard to say. Making the
decision to lend bad credit mortgage is mostly influenced by the
credit score of borrowers. Your credit score is demonstrated by
taking into account the borrowers' credit file. FICO score,
which is generally accepted by the major credit agencies, and
mortgage lenders too.
Borrowers with a credit score of 710 and above will have most
mortgage lenders running after them to take mortgage loans.
Borrowers that have a credit score in the range of 620-700 can
also get good deals on mortgages. But most borrowers who earn a
score of 500 and below are the ones who form the customers of
bad credit mortgage. Through the process of bad credit mortgage,
the borrower will make purchase or construct a home. If this is
a first home purchase, most borrowers can are eligible for the
some discounts available to an individual who is taking on a
first time mortgage.
However the amounts available under bad credit mortgage will not
be as much as the good credit mortgages. In most cases the
lender may ask for a larger deposit. While the deposit on
regular mortgages ranges up to 27%, the percentage of deposits
under bad credit mortgage will be higher. Deposits will shows
that the borrower is committed towards the
mortgage. If borrower
fails to repay the mortgage, he or she will lose their deposit.
Interest rates on bad credit mortgages is largely disputable.
Many lenders allege that their act of approving the borrower a
mortgage was a favor; the borrowers wouldn't have been able to
mortgage their house had they not associated with them.
Borrowers who have been refused mortgage loans or other credit
lines a few times will easily accept the statement. Borrowers
like this will often fall prey to the lenders who charge huge
sums of interest and fees on the bad credit mortgage.
However, determining a reasonable interest rate is not as hard
as you think. Keep in mind that your will be higher than that of
someone with good credit. One can easily estimate the interest
rate by making a comparison of interest rates charged by
principal lending banks and other financial institutions.
Mortgage calculator has a record of the interest rates for
several categories of mortgages. When looking into the bad
credit mortgage category, you know of the least rates prevalent
for the category. You can also confirm that the interest rates
found are correct through a mortgage quote from another lender.
Mortgage quote is an offer by a lender to the borrower to accept
bad credit mortgage with some stated terms attached.
Another important use of mortgage quotes is to help borrowers in
choosing a particular lender that will fit their needs. If the
terms are alright with the borrower, and he finds that the terms
offered a particular lender are the best of all lenders, he can
choose to accept the bad credit mortgage offered by that lender.
Bad credit mortgages give borrowers a great second chance to
improve their credit history. Also paying off the repayments on
bad credit mortgage will give them a positive mark on their
credit file. But if they choose to follow the same approach as
in the past defaulted debts, they will continue using the bad
credit mortgages for years to come.
About the author:
Copyright Troy Francis. Troy is a writer and real estate broker
for Century Mortgages. Please feel free to republish this
article. We only ask that you leave the link active. You many
see more articles like this by going to:
http://www.CenturyMortgages.org
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