Bad Credit Mortgages

February 28th, 2011  |  Published in General

This is a sponsored post. If you have bad credit you might think that you will not be able to get a mortgage. It is true that lenders are reluctant to make loans to those with bad credit but that does not mean it is impossible to get a mortgage with bad credit. Some lenders specialize in making loans to those with bad credit and have special lending programs to help people with a Bad Credit History get approved for a home loan.

Since those with bad credit are a higher risk, loans made to those with bad credit will be more expensive. This is mostly from higher interest but it can also be from higher processing fees, service fees and pre-payment penalties. Fees for late payments can also be higher.

Although you will be paying more for your Bad Credit Mortgage you can shop around so that you can get the best deal possible for your credit. You may also want to find a lender with a short pre-payment penalty period. This way if you manage to turn your poor credit into good credit you can refinance and get a less expensive mortgage using your good credit.

These are just some ideas to consider when shopping for a bad credit mortgage. You should consult a professional with experience in this area before you make any final decisions.

  

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