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Bad Credit Home Loans - Pre-Approval is Still Possible With
Adverse Credit History
If you are among the millions with less than perfect credit,
there are many sources available to you in obtaining a mortgage.
Lenders that specialize in mortgages for those with bad credit
are competing for your business. The lender will analyze your
credit report, credit score, debt-to-income ratio, and your
employment history. You may also be asked to provide statements
from your utility companies and other creditors to help form a
complete picture of how you manage your finances. The lender will
then inform you of how much you can afford to spend on a mortgage
and the terms of the proposed home loan.
A bad credit home loan will naturally be made with a higher
rate of interest than for those with good credit. Keep in mind
that your home will still appreciate in value and after
maintaining a good payment history for a period of time, you may
be able to refinance your mortgage at a lower interest rate and
lower your monthly payments. Along with making you monthly
mortgage payments in a timely manner, you can also help improve
your credit rating by lowering your current debts, avoid applying
for more new credit, and keeping your credit card balances
low.
In applying for a bad credit mortgage, ask your lender about
the costs involved in obtaining the loan, the length and interest
rate of your loan, and the ability to refinance at a lower rate
down the road. Mortgages for people with poor credit are
available through many lenders and with a variety of terms and
conditions. Bad credit home loans can include a 2/28 home loan or
a 3/27 home loan. The interest rate for a 2/28 loan is fixed for
two years and fixed for three years in a 3/27 loan. This means
that there will be a prepayment penalty during the first two or
three years of the mortgage and that the home loan cannot be
refinanced prior to that time.
Sub prime lenders will work with any credit score and income
level to help you finance the home of your dreams at the lowest
possible cost. Contact several lenders that specialize in
mortgages for those with bad credit. There are numerous
variations in the interest rates and terms offered by these types
of lenders. Shopping around for a mortgage lender can save you
thousands over the length of your home loan, even if your credit
is less than perfect.
To view our list of recommended subprime or bad credit
mortgage lenders, visit this page: Recommended
Bad Credit Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide. ABC Loan guide
is an informational website about various types of loans. The
site has informative articles and the latest finance news.
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