What is Bad Credit Mortgage LOan??
If you wish to purchase a new home or refinance your existing mortgage to get cash-out, but are worried as to whether or not you will qualify for a loan due to a poor credit history, do not despair...bad credit mortgage loans are available for people just like you.
Bad credit mortgage loans also known as sub-prime home loans are offered by select lenders who specialize in these type of mortgage loan programs .
These lenders do not follow the same hard core guidelines as traditional banks and credit unions .
Their guidelines allow for credit mishaps that are considered taboo with traditional home loan lenders .
What this means for you, the borrower, is that when you apply for your home loan with a sub-prime mortgage lender you have a great chance of receiving loan approval despite the fact that you have a less than stellar credit history.
Bad credit mortgage loan lenders are actively seeking out people with credit problems and they have buckets of money to lend! Sub-prime mortgage loan programs are available for people who have the following type of derogatory items in their credit history: bankruptcy, foreclosure, judgments, late payments and collection accounts.
Depending on the severity of your credit problems, you more than likely will have to pay a higher interest rate with a bad credit sub-prime mortgage as opposed to a traditional conventional loan .
Many people with bad credit obtain a bad credit mortgage loan and use this as a stepping stone to rebuilding their credit history .
Then, after 2 - 3 years, once they have cleaned up and re-established their credit, they refinance to a lower rate conventional loan.
Not all lenders offer bad credit mortgage loans .
Make sure the lender you are considering offers sub-prime mortgages before applying with them .
You will save yourself time and keep unnecessary inquiries off of your credit report.
If you wish to purchase a new home or refinance your existing mortgage to get cash-out, but are worried as to whether or not you will qualify for a loan due to a poor credit history, do not despair...bad credit mortgage loans are available for people just like you.
Bad credit mortgage loans also known as sub-prime home loans are offered by select lenders who specialize in these type of mortgage loan programs .
These lenders do not follow the same hard core guidelines as traditional banks and credit unions .
Their guidelines allow for credit mishaps that are considered taboo with traditional home loan lenders .
What this means for you, the borrower, is that when you apply for your home loan with a sub-prime mortgage lender you have a great chance of receiving loan approval despite the fact that you have a less than stellar credit history.
Bad credit mortgage loan lenders are actively seeking out people with credit problems and they have buckets of money to lend! Sub-prime mortgage loan programs are available for people who have the following type of derogatory items in their credit history: bankruptcy, foreclosure, judgments, late payments and collection accounts.
Depending on the severity of your credit problems, you more than likely will have to pay a higher interest rate with a bad credit sub-prime mortgage as opposed to a traditional conventional loan .
Many people with bad credit obtain a bad credit mortgage loan and use this as a stepping stone to rebuilding their credit history .
Then, after 2 - 3 years, once they have cleaned up and re-established their credit, they refinance to a lower rate conventional loan.
Not all lenders offer bad credit mortgage loans .
Make sure the lender you are considering offers sub-prime mortgages before applying with them .
You will save yourself time and keep unnecessary inquiries off of your credit report.
What Is Bad Credit Mortgage Loan
![What Is Bad Credit Mortgage Loan]()
Reviewed by Henda Yesti
on
June 29, 2018
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