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Home Loans for Bad Credit – Can You Get a Low Mortgage Rate?

Posted on | July 22, 2009 | No Comments

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When getting a home loan for bad credit it is very difficult to get a low mortgage rate.  The idea of having bad credit is exactly why the mortgage lender will not give you as low of a mortgage rate as you would prefer.  You are considered a risky borrower but that does not mean that you will not pay the money back.  If you are in this situation, the best thing to do is to clean up your credit score as much as possible.  You would be surprised at home many borrowers do not even know their credit score or have not accessed it in years!

The best thing you can do to clean up your credit score is to make sure there are no false accounts that have gone unpaid.  Many credit scores are dropped by as much as 100 points because there are old accounts that have been settled but have not been dropped.  You can usually contact the credit report provider to get the telephone numbers for these accounts and have them taken off your credit score.  It does take several months for your credit score to rebound so please be aware of that.  Also, make sure to pay any small outstanding debts that you may have.  This may only increase your credit score by a few points but that could go a long way in getting a low mortgage rate.

After you have cleaned up your credit report, it is advisable to contact a poor or bad credit mortgage lender.  You can find these through advertisements all over the internet.  Many of them will give you a phone number that you can call with no obligations.  Sometimes it is easier to just talk through your circumstances with someone and they can help you decide what is right or wrong to do.  I would advise doing a little research before totally believing any of the lenders though.

Please make sure to educate yourself and find out as much information as you can as many of you know that when it comes to money, many lenders and financial institutions know a fool when they walk in the door or speak to them on the phone.  The more educated you are, the more money you will save in the long run!

Please check out the daily Subprime Blogger Rant; today I addressed the Health Care Bill:

To offset the 8% tax on payroll from the Health Care Bill, what do you think small businesses are going to do…..CUT PAYROLL!  Great, more job cuts from small businesses, sounds like a great plan!

Please read the entire article here: Health Care Bill Will Further Ruin Our Economy!

Category: Home Loans for Bad Credit
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