Mortgage Loans with poor credit are possible
Financing a home purchase may seem like an impossible feat to accomplish if you have poor credit. Fortunately there are ways to obtain a home loan even if you have bad credit or no credit. You likely won’t get the same interest rate as a traditional home loan but the good news is you will be able to obtain a home loan and buy a home. It is not impossible due to poor credit.
Brokers, calculators & home loan refinance mortgage rates
There are loans designed just for people with poor credit. This gives almost everyone with enough income to own a home. Most likely your loan will have a higher interest rate than a traditional mortgage loan but it is a small price to pay to buy a home. Especially if you are serious about repairing your credit.
Mortgage refinance & home loan interest rates and your credit score
First of all you will want to find out your credit score as well as get a copy of your credit report. This will tell you exactly how bad your credit really is and give you a realistic approach to your mortgage loan needs. You can obtain a copy of your credit report online for free. This is the first thing you will want to do before even talking to a lender. Make sure to read your credit report from start to finish. Be sure there are no mistakes.
Look for the lowest mortgage interest rates or refinance rates when you refinance
Next you will want to start to investigate loan options. Will you qualify for an unsecured loan? Or will you be needing a secured loan? A secured loan is one secured with collateral. If you default on your loan your collateral is taken by the lender. This is usually not an option for those with bad credit. There are however mortgages designed just for people with poor credit. The interest rates are most times much higher but they can still be affordable. After a few years of repayment you might be eligible to refinance at a lower rate as well.