Bad Credit Home Loan
APPLY ABOVE for a free, no-obligation consultation with a licensed mortgage broker who will evaluate your needs. Poor or weak credit is not a problem!
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Bad credit. A home loan can’t be obtained if you’ve got it, right?
Wrong. Although having good credit will certainly help your cause.
The long and short of it is this:
– If you are a few months away from starting to think about possibly buying a house in the near future, have your credit looked at. It is well worth the cost, if there is even a cost — many times, credit checks can be done for free.
– If you’re already in a jam and are looking to get a house quickly, follow the advice of our experts and learn how you can qualify for a bad credit home loan.
When you’re beginning this process, no home loan company has any clue who you are. They don’t know that you do charity work on weekends or have gotten a lot more responsible with money and in life as you’ve gotten older. They look at the raw data, and if that means bad credit, home loan options won’t look as glamorous for you. It may not seem fair but that is how the game is played.
Lending out hundreds of thousands of dollars in U.S. currency means a lot of risk for a lender, and if the stats show that you aren’t great at handling debt, you might be in jeopardy of not being approved for a home purchase loan.
More likely, however, they’ll offer to issue you what is known as a bad credit home loan — which is good, in that it’ll get you in the door, but less than stellar in that it means higher interest rates.
Lower interest means lower monthly payments — and more money in your pocket. For this reason it pays to avoid a bad credit home loan or (if you are a current home owner) a bad credit home equity loan if you can. Check your credit score and see if you can address any errors or issues that may result in a lower rating.
If you can lower your rates even 1 percent, you are looking at savings of $50-100 a month in all likelihood. This is why it is important to comprehend what bad credit home loans can do, and do for you. Over 10, 20 or 30 years, that small amount of money really adds up. To a lot!
But beyond that, if you already have credit problems and can’t address them quickly, but still need to buy a house, we have good news for you — a bad credit home loan is still attainable, and at rates lower than you think.
All you have to do is talk to the experts at Mortgage Foundation. We have forged the connections with lenders over the years and built relationships on trust. We know how to get our clients the best bad credit home loan rate, even when the deck is stacked against us. Talk to us today and take advantage of this expertise!