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´╗┐Comparing Mortgage Loans with Bad Credit

Loan & Credit Facts

Do you have bad credit? Don't worry; you can still get a mortgage loan.

Sure, it used to be really hard in the past. If you had bad credit, banks and lenders would treat you like you were a bad person. You would rarely be able to buy your own house.

The times have changed, though. Now banks and mortgage companies are competing to gain you as a customer, even if you have bad credit. Because of this, there are all sorts of mortgage loans with bad credit out there for you to choose from.

You don't have to worry that you'll always be renting. You can actually own your own home with the help of these loans.

There are a few aspects of mortgage loans with bad credit that are different than if you had great credit. One of the bigger differences is the interest rate.

Interest rates for people with good credit tend to be around five to seven percent, although this does fluctuate. People with bad credit will often find these rates doubled.
Since this can happen with many mortgage loans with bad credit, it is important that you do a good bit of research. Contact as many banks and lending companies as possible and figure out what interest rates they are providing with their loans for people with bad credit. Through heavy research and comparison, you should be able to find a mortgage loan that has a similar interest rate to what you could find if you had good credit.

Another area that is affected with mortgage loans with bad credit is the down payment.
Down payments are a percentage of the total loan amount that needs to be paid in order to actually receive the loan and buy the house. Normally, this would be around 5% of the total loan.

Loans for people with bad credit tend to have a higher percentage for this. The reason for the higher down payment is the banks want to make sure they can re-sell the house for enough money to cover the money they have loaned you, in the event that you default on the loan.

While a higher downpayment may seem negative, consider this a great opportunity to save up a little longer, but start out with more equity in your home. Plus, you will save money on interest over the loan term, and start to build your good credit history.

Because of this, just like what you did for the interest rate, you should do a fair amount of research. You should be able to find a loan that doesn't have a large down payment. After all, this can really add up when you are buying an expensive home.

If you have bad credit, not all is lost. You still have a chance of getting the right mortgage loans with bad credit. And if you do great research and compare many different lenders, you should be able to find a loan that has great interest rates and down payments.
It is well worth the effort in the end.

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